please note: This is a personal journal only, but NOT a trading suggestion.
Current price: 1791
===================Analysis=================
Yesterday CPI news pull down the Gold price from 1776 to 1759 in just 20 mintues, but then reversed quickly for some unknown reasons, to 1795.
FOMC also indicated that tapering would happen in Nov or early Dec, but seems have no impact to Gold price. (which it should have negative impact on Gold)
Technically, in my previous analysis, 1751-1770 was the consolidation area and the break out would cause an impulsive move to the gold price.
I made a mistake on the wave count, which cause me 2 stop less yesterday. (Even my trading plan was correct).
I was thinking 1780 was the peak point of correction wave-C, but now when I look back, the movement was too short comparing to wave A. (Display in RED figure in the chart). And the complex correction makes me confused about the direction.
As a reality, 1795 is the ending point as wave-C. (Draw in BLU)
I will still doubt if Gold fully resume the bullish direction because the key point 1800 and 1806 still there.
But due to the momentum of last day move, BEARS are not easy to come back quickly unless some big news happen.
The key pivot point now is : 1781
The daily chart pattern is quite strong for bull but I'm expecting some correction before further rise.
So here are a few situations:
=================Possible Situation==========
No.1 Gold drops to 1781 and then rebounce to test a new high, which means wave C is not finished
No.2 Gold drops to 1781 and break this support and down to 1770 area. In this situation, 1780 area becomes resistence again
No.3 If gold drops below 1770, it means the big market is still bearish dominated, and 1720 area is highly targetable.
Here's my P.S:
I'm NOT trying to predict the market move. As a trader (not analyst), we need to know how to trade in different conditions, but not predict the conditions.
==================My Trading Plan=================
Based on these situation:
The key resistence : 1795, 1800
The key support: 1780
buy plan:
Buy stop : N/A
But limit: 1780, sl 1777, TP 1787
Sell plan:
Sell limit: 1793 , SL 1796, TP 1780
sell stop: n/a
Current price: 1791
===================Analysis=================
Yesterday CPI news pull down the Gold price from 1776 to 1759 in just 20 mintues, but then reversed quickly for some unknown reasons, to 1795.
FOMC also indicated that tapering would happen in Nov or early Dec, but seems have no impact to Gold price. (which it should have negative impact on Gold)
Technically, in my previous analysis, 1751-1770 was the consolidation area and the break out would cause an impulsive move to the gold price.
I made a mistake on the wave count, which cause me 2 stop less yesterday. (Even my trading plan was correct).
I was thinking 1780 was the peak point of correction wave-C, but now when I look back, the movement was too short comparing to wave A. (Display in RED figure in the chart). And the complex correction makes me confused about the direction.
As a reality, 1795 is the ending point as wave-C. (Draw in BLU)
I will still doubt if Gold fully resume the bullish direction because the key point 1800 and 1806 still there.
But due to the momentum of last day move, BEARS are not easy to come back quickly unless some big news happen.
The key pivot point now is : 1781
The daily chart pattern is quite strong for bull but I'm expecting some correction before further rise.
So here are a few situations:
=================Possible Situation==========
No.1 Gold drops to 1781 and then rebounce to test a new high, which means wave C is not finished
No.2 Gold drops to 1781 and break this support and down to 1770 area. In this situation, 1780 area becomes resistence again
No.3 If gold drops below 1770, it means the big market is still bearish dominated, and 1720 area is highly targetable.
Here's my P.S:
I'm NOT trying to predict the market move. As a trader (not analyst), we need to know how to trade in different conditions, but not predict the conditions.
==================My Trading Plan=================
Based on these situation:
The key resistence : 1795, 1800
The key support: 1780
buy plan:
Buy stop : N/A
But limit: 1780, sl 1777, TP 1787
Sell plan:
Sell limit: 1793 , SL 1796, TP 1780
sell stop: n/a
Trade ist aktiv:
I'm adding sell at 1795, SL 1800
Kommentar:
here's the reason
Trade ist aktiv:
gold is in a strong bull which is not smart to add short. I'm planning to set up a sell stop at 1795 which will be a confirmation of reversal for the correction
Kommentar:
reverse signal
