kjwlegend

kjwlegend Updated 

I'm still hold my opinion that wave C is expected. In my previous analysis, I was thinking B would be an A-B-C pattern, however, the situation is that the wave B makes a 5-wave patter, which reached 1738, the preivous high. I would still sell at this position with tight SL and large TP. Short at 1738 , SL 1750, TP 1640 NOTE: Follow with your own risks and...

kjwlegend Updated 

Gold completed wave 5 at 1740 area and then started the correction for a few days. Yesterday, the Gold has done a typical 5 waves pattern to complete correction wave A at 1660 and today's retracement goes up to 1708 at this moment, it's hard to tell where the maximum B point is but I would prefer to sell at any level around or above 1710. Based on the Fib...

kjwlegend Updated 

Gold reached 1690 last week and retest 1690 resistence this morning and fall. According to the wave analysis, Gold is at the end stage of the previous wave 5, and the maximum calculated top is 1703. A big correction pattern is expected so that even in the long term Gold may still go up, I wouldn't recommend to enter the long position at this stage. It doesn't...

kjwlegend

Gold has reached our targeted area near 1690, which completes the wave 5 as planed. I will be careful about long until an ABC correction wave happens. H1 chart has confirmed the peak is finished. I will change my trading plan from ALWAYS long to TEST short. No plan, no trading Short at 1685 1690, TP 1640, SL 1700

kjwlegend Updated 

Gold broke the up TL and reached 1670 on monday and was in the conslidation for 2 days. It test 1642 support line a couple of times and the support seems valid. It is trying to break the retracement TL at 1650 again, and if it valids, the gold will test a new high and complete the wave 5, which is the wave v in the bigger cycle wavea count. No plan, no...

kjwlegend Updated 

Gold is still fail to make a valid breakout at the upper TL, and the direction is still unconfirmed. Wave 4 in my opinion is not completed yet and the gold is in the range of 1575 - 1623. Good support line : 1607, 1595. 1575. Resistence : 1622. No plan, no trading: Short at 1620 , SL 1625. TP 1607. Risk&reward ratio : 1:2.5 Buy stop : 1624 , tp 1640...

kjwlegend

Yesterday the Gold had been bullish and break the TL and reached 1620 point as the previous analysis predicted. It's still in a small bull trend but we need to find a good Support to buy. Watch out on the new resistence on 1622 and if it breaks, it will go up to 1630 or higher. No plan, No trading. Buy : at 1595 - 1605. SL 1585. TP 1660 Short: 1615-...

kjwlegend Updated 

Gold is at the key point. Let's watch the upper TL and see if it will break. If it breaks, it will just rocket up. Otherwise, the gold will try to find the support around 1570 again. It's hard to tell the direction but I'm betting on long. Already in long at 1575, 1585 1589.

kjwlegend Updated 

Followed by my previous plan. Find purchase range around 1570. buy: 1570 : TP 1670 SL 1550

kjwlegend

Gold reaches 1595 as the previous plan. Buy and tp 1660 SL 1580

kjwlegend

Well, this analysis is 90% same as my previous one (you could find the related link below), execpt we find a good support on 1595. Don't SHORT, these days Gold spread is still crazy. I am experiencing $5 at least spread in my broker. It's not wise to do scalpping. Find chance to buy around 1580 - 1600, and the tp is 1660 or 1699.

kjwlegend

Gold made a strong wave 3 at 1635 - 1640 (due to different broker), and start up&down swing for a while which make most people confuse. But, as a wave analyzer, it is a super clear to see it's currently in the correction wave 4, and there will be another bump up in short future. Due to the strong wave 3, I only expect 25% - 35% correction which means the...

kjwlegend Updated 

Gold dropped from 1580, the trendline (the current resistence), down to 1562 (the previous resistence and now become support). From wave analysis, Gold is either constructing wave iv, or the 1st correction wave a. There's high possibility that Gold will swing between the range 1562 - 1583 for a while. Here's my trading plan: Buy : 1560 -1563 , SL 1557 . TP...

kjwlegend Updated 

Gold reaches the upper edge of this ascending channel. Unless Gold price hit this line hardly, I won't be too optimistic about the bull momentum and always hold the long position until 1600+. The current resistence is 1554 (broke), 1560. I would wait for a M15 bar confirmation to place a short position since it's giving me good risk&reward. SL: 1565. tp...

kjwlegend Updated 

Gold broke the purple trend line and reach 1516 last week and then retrace back to 1480 (61.8% Fib of the previous jump). I would say the price is still moving within the large up channcel between 1455 - 1550 but there's another resistence (the orange trend line) ahead. Here's my trading plan: By Gold from 1475 -1480. TP 1550 , SL 1470 I will close partial...

kjwlegend

Watch the breakout here. Buy and TP 1555.

kjwlegend Updated 

Gold is super violate these days and still drops hardly even when Fed cuts its rates. The price is still in the descending channel means bearish market isn't finished. I will short whenever it reaches the upper channel and stop loss at the channel breaks out confirmation. TP : 1455

kjwlegend Updated 

Gold price dropped insane for almost $90 from 1598 to 1509 last friday and the selling power reached to the peak after price break 1550 support. The chart gives me a pattern of an extended wave-5 of c. Even I don't know if the price would fall further, I would see if I can catch the ABC opportunity. 1550 trendline obviously become an very important line to...