Instead of calling Gold analysis, I would use the term of trading plan or trading journal to record my trades. So please note: This is a personal journal only, but NOT a trading suggestion. Please control your own risk if you want to follow, we may have different risk preference and position management strategy.
Date: 2020/10/12
No plan, No trading
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Entry reason:
On last Friday, Gold has broken the trendline (Red one) due to Trump's twitter again. Now I can confirm that Trump's twitter has better manipulation on Gold and USD over than official FMOC news and talk.
Last friday I have a setup of 1915 buy stop, which should be able to catch the $15 profit in the move.
Generally, it should be clear that gold turns bullish because it breaks the trendline, however, it depends on how we setup the trendline on the chart. There's a second assumption (the blue one), which means gold is still under descending channel.
I should hold a conservertive opinion about the current Gold final direction in long term.
In short term, Gold is in the ascending channel, which means we have better possibility to win if we long at lower price.
And the big potential only opens when Gold clearly goes above 1933 again.
I have drawn 3 circles that show: 1) the breaking point 2) the selling point 3) the buying point