please note: This is a personal journal only, but NOT a trading suggestion.
Current price: 1827.95
===================Analysis=================
The U.S inflation makes the market worried about dollars that brings the money into Gold market and cryptos.
It pushes the price up even when NFP data is super bad for gold.
In one of my previous analysis, 1784 was mentioned as the pivot for the short term trend. Even I knew it, I didn't make good trades these days.
All of the indicators say Gold is in Bull market right now, however, I won't buy Gold at current price with a very low risk and reward ratio.
Every bull is expecting 1830-1835 area as the target, which means once it's hit, buyers will close their orders and sellers will hit their SL, which will cause an intensive reaction in that price zone.
Before 1835 is broken, the sustainbility of bullish market is not confirmed (shown as scenario No.1 in the chart).
So if I want to buy, it's better to do when the resistence becomes support and buy when price re-tests.
OR
Buy at lower demand zone around 1808.
Based on current chart, there could also be another situation (shown as scenario No.2 in the chart).
We can see some indicators shows Gold is in overbought zone which means a correction may happen in next few hours or days.
Price maybe dump around 1830 area and gradually down to 1808 before deciding next direction.
So here are a few situations:
=================Possible Situation==========
No.1 Gold rise above 1834, and confirms a real bullish market in longtime
No.2 Gold drops from 1830-1835 area, and test 1808 area again
P.S:
I'm NOT trying to predict the market, but just to find out the most cost-efficient plan to trade.
=================My Trading Plan===============
Buy limit: 1808 area, SL 1803 TP 1820
Sell limit: 1828-1835 area, SL 1837, TP 1808 . Better R&R, so I personally prefer this.
Current price: 1827.95
===================Analysis=================
The U.S inflation makes the market worried about dollars that brings the money into Gold market and cryptos.
It pushes the price up even when NFP data is super bad for gold.
In one of my previous analysis, 1784 was mentioned as the pivot for the short term trend. Even I knew it, I didn't make good trades these days.
All of the indicators say Gold is in Bull market right now, however, I won't buy Gold at current price with a very low risk and reward ratio.
Every bull is expecting 1830-1835 area as the target, which means once it's hit, buyers will close their orders and sellers will hit their SL, which will cause an intensive reaction in that price zone.
Before 1835 is broken, the sustainbility of bullish market is not confirmed (shown as scenario No.1 in the chart).
So if I want to buy, it's better to do when the resistence becomes support and buy when price re-tests.
OR
Buy at lower demand zone around 1808.
Based on current chart, there could also be another situation (shown as scenario No.2 in the chart).
We can see some indicators shows Gold is in overbought zone which means a correction may happen in next few hours or days.
Price maybe dump around 1830 area and gradually down to 1808 before deciding next direction.
So here are a few situations:
=================Possible Situation==========
No.1 Gold rise above 1834, and confirms a real bullish market in longtime
No.2 Gold drops from 1830-1835 area, and test 1808 area again
P.S:
I'm NOT trying to predict the market, but just to find out the most cost-efficient plan to trade.
=================My Trading Plan===============
Buy limit: 1808 area, SL 1803 TP 1820
Sell limit: 1828-1835 area, SL 1837, TP 1808 . Better R&R, so I personally prefer this.
Trade active:
short added at 1728
Comment:
since I have different money management strategy, I can add short at multiple positions.
I don't suggest you follow my trade with standard lot size.
I don't suggest you follow my trade with standard lot size.
I will just enter small short to test