please note: This is a personal journal only, but NOT a trading suggestion.
Current price: 1808
===================Analysis=================
In the past few days, Gold touched 1753 with the FMOC news but then started the crazy straight-up rise to the current price 1809.
We barely see no correction or re-test in this $55 rise. It also breaks a lot of resistence such as 1792 which also mentioned by many other analyst.
It looks like Gold starts another strong bullish trend, but in my opinion, it's still not confirmed yet and we should be careful about possible reversal here.
I drew a potential H&S pattern here. 1810 area is a very critical point to confirm further direction.
If it's not broken, Gold is still just in a consolidation range.
1790 now becomes the new support which a retest could happen and make Gold drop to this area.
The RSI is also in over-bought range and I see some divergence show in MACD too.
Even you think Gold will continue rise, I don't suggest buy at this price
So here are a few scenarios:
=================Possible Situation==========
No.1 Gold continue rising and breaking 1810, then 1810 becomes a new support and also confirm Gold is in strong bullish trend.
No.2 Gold rejected at 1810 area, it means we are still in the consolidation.
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: 1790, sl 1785, tp 1805
Sell limit: 1809, SL 1815, TP 1790
Buy stop: n/a
sell stop: 1770, TP 1760, sl 1775
Current price: 1808
===================Analysis=================
In the past few days, Gold touched 1753 with the FMOC news but then started the crazy straight-up rise to the current price 1809.
We barely see no correction or re-test in this $55 rise. It also breaks a lot of resistence such as 1792 which also mentioned by many other analyst.
It looks like Gold starts another strong bullish trend, but in my opinion, it's still not confirmed yet and we should be careful about possible reversal here.
I drew a potential H&S pattern here. 1810 area is a very critical point to confirm further direction.
If it's not broken, Gold is still just in a consolidation range.
1790 now becomes the new support which a retest could happen and make Gold drop to this area.
The RSI is also in over-bought range and I see some divergence show in MACD too.
Even you think Gold will continue rise, I don't suggest buy at this price
So here are a few scenarios:
=================Possible Situation==========
No.1 Gold continue rising and breaking 1810, then 1810 becomes a new support and also confirm Gold is in strong bullish trend.
No.2 Gold rejected at 1810 area, it means we are still in the consolidation.
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: 1790, sl 1785, tp 1805
Sell limit: 1809, SL 1815, TP 1790
Buy stop: n/a
sell stop: 1770, TP 1760, sl 1775
Comment:
This H4 doji is a signal for reversal. I will expect Gold down to 1790 next week.
