Instead of calling Gold analysis, I would use the term of trading journal to record my trades because I may not always have a plan to trade.
So please note: This is a personal journal only, but NOT a trading suggestion.
Date: 2021/ 03 / 05
===================Analysis=================
Yesterday goldf finally reached 1686 zone which was my 2nd TP of the previous plan. I think today's movement is going to be violate due to the monthly non-farm payroll news.
Based on the elliot wave theory and daily timeframe trendline, 1680 area should be the strong support area. There's a potential divergence from RSI and MACD.
Even gold is still in the brearish market (based on the current price), I don't think it's wise to continue shortting Gold before the rebounce happened.
The current changing point is 1703 area, above 1703 will confirm a rebounce is happening. 1710 is also the important point to confirm if it's going to be strong or not.
Due to the violation of the market tonight, it could be fast up and down in a short period. Below are the scenarios
=================Possible Situation==========
No.1. Gold drops first to 1680 area again, and then quickly rebounce from 1680+ , UP to 1703 or even 1710
No.2 Gold then cross above 1703 and to 1710, and then re-tests 1700 area and resum bullish again.
No.3 The news is really bad for gold. It push the price to a lower low.
.
==================My Trading Plan=================
Based on these situation:
The key resistence : 1705 1710
The key support: 1685
buy limit: 1680 - 1685 if I see support zone here. TP 1710 1720 +
Buy stop 1705, tp 1710 +
Sell plan: maybe when I see strong resistence near 1710. Otherwise, I don't have sell plan today
So please note: This is a personal journal only, but NOT a trading suggestion.
Date: 2021/ 03 / 05
===================Analysis=================
Yesterday goldf finally reached 1686 zone which was my 2nd TP of the previous plan. I think today's movement is going to be violate due to the monthly non-farm payroll news.
Based on the elliot wave theory and daily timeframe trendline, 1680 area should be the strong support area. There's a potential divergence from RSI and MACD.
Even gold is still in the brearish market (based on the current price), I don't think it's wise to continue shortting Gold before the rebounce happened.
The current changing point is 1703 area, above 1703 will confirm a rebounce is happening. 1710 is also the important point to confirm if it's going to be strong or not.
Due to the violation of the market tonight, it could be fast up and down in a short period. Below are the scenarios
=================Possible Situation==========
No.1. Gold drops first to 1680 area again, and then quickly rebounce from 1680+ , UP to 1703 or even 1710
No.2 Gold then cross above 1703 and to 1710, and then re-tests 1700 area and resum bullish again.
No.3 The news is really bad for gold. It push the price to a lower low.
.
==================My Trading Plan=================
Based on these situation:
The key resistence : 1705 1710
The key support: 1685
buy limit: 1680 - 1685 if I see support zone here. TP 1710 1720 +
Buy stop 1705, tp 1710 +
Sell plan: maybe when I see strong resistence near 1710. Otherwise, I don't have sell plan today
Trade active:
I decide to go long now at 1698 because Gold once breaks 1705.
I would give it another try to see if it breaks that resistence
I would give it another try to see if it breaks that resistence
Trade closed: target reached:
I decide to close my long with a small profit cuz it's weekend now.
The reverse seems confirmed and next week I will find a better position to long
The reverse seems confirmed and next week I will find a better position to long
The buy limit should be in the range, pending on how far it would go