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 / 02
===================Analysis=================
Today gold fails to rise from 1720 and breaks the previous support to a lower low 1710 area. My yesterday's long hit SL 1715.
It starts rebounce to the current level 1722 and here's the key point for next direction. Even the daily trend remains bearish, but a potential divergence may happen in today's lowest price, which indicates that another huge rebounce would happen.
There's also a case that bear take over the market in the U.S session and continue the downside trend.
The key pivot now is 1727.
If gold breaks above 1727, then bulls will come back to play
If it get rejected at 1727, then a lower low is expected.
=================Possible Situation==========
No.1. Gold continues with bear market and drop to 1700 area.
No.2 Gold breaks 1727 with strong movement, and then retest this support zone and goes up again.
.
==================My Trading Plan=================
Based on these situation:
The key resistence : 1727
The key support: 1710 1700
buy stop at 1728, or when it re-tests 1727
sell limit : 1724-1727, SL 1730. TP 1710 1700
So please note: This is a personal journal only, but NOT a trading suggestion.
Date: 2021/ 03 / 02
===================Analysis=================
Today gold fails to rise from 1720 and breaks the previous support to a lower low 1710 area. My yesterday's long hit SL 1715.
It starts rebounce to the current level 1722 and here's the key point for next direction. Even the daily trend remains bearish, but a potential divergence may happen in today's lowest price, which indicates that another huge rebounce would happen.
There's also a case that bear take over the market in the U.S session and continue the downside trend.
The key pivot now is 1727.
If gold breaks above 1727, then bulls will come back to play
If it get rejected at 1727, then a lower low is expected.
=================Possible Situation==========
No.1. Gold continues with bear market and drop to 1700 area.
No.2 Gold breaks 1727 with strong movement, and then retest this support zone and goes up again.
.
==================My Trading Plan=================
Based on these situation:
The key resistence : 1727
The key support: 1710 1700
buy stop at 1728, or when it re-tests 1727
sell limit : 1724-1727, SL 1730. TP 1710 1700
Comment:
I had a mis-judgement on the resistence zone. 1735 should be the key area. From the H4 pin bar, it seems it's still in the bearish trend
