Updated

Gold 0311 Analysis

Yesterday the gold completes the A-B-C correction waves at the end price of 1642, which is a little bit higher than we initial estimate 1635. The C seems little weaker than I expect.

watch, the price breaks out the downtrend channel at 1657, so don't be stubborn on short position. Thus, I will be neutral about the future direction until another breakout happens. It's still easy to draw the resistence and support.
Support 1642, 1650
Resistence 1666

I am expecting the Gold will swing in the area

Price like 1684 or 1634 are still important but they are too far from the current price and I'm an intra-day trader.

Here's my trading plan today:

Short: 1665 . SL 1670, TP 1650
buy: 1650, 1644 . SL 1640, TP 1666

NOTE: follow with your own Risk

wechat: 56349014

Trade active

Trade open already:
Sell 1665

Trade active

Add another slots at 1666

Trade active

Add another postion at 1667.5

Note

my 1665 order stopped and the rest 2 are still opened.

Gold jumps to 1671 but drops very quickly which is still not a valid breakout.
I will monitor my orders and manually close if gold price continue growing.

Trade closed: target reached

my target profit reaches.

Even the support line in my analysis is around 1650. I decide to close all my position at 1653.
Pips in this trade, 1667 - 1653 = 140 pips

Trade active

I opened my long position now.

buy at 1652.5

Note

I add another buy at 1650

Note

add another buy at 1647.

Note

Add my final position at 1644 as planned.

SL : 1638

kjwlegend

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Gold 0310 Analysis

by kjwlegend

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