Please note: This is a personal journal only, but NOT a trading suggestion.
Current price: 2141
===================Technical Analysis=================
Gold has embarked on a robust bull run after testing the support at 1990, rebounding sharply without experiencing the typical correction. The market is currently in a severe overbought state.
A key resistance level for gold was previously at 2145, which was slightly breached today but quickly fell back following Powell's speech.
Although gold is still in a bullish trend, I will consider a short position based on the resistance level and the need for a correction.
Entry point: near 2145
Target: 2085, 38% Fibonacci retracement
Stop loss: 2180.
P&L: 2.55
=================Possible Situation==========
No.1 Gold continues to rise to a new high above 2145.
No.2 Gold initiates a correction before the next significant movement. I expect the correction A-B-C to be completed in the coming days.
=================My Trading Plan===============
Buy limit: N/A
Sell limit: near 2145
Buy stop: N/A
Sell stop: 2121, 2108, 2000
Current price: 2141
===================Technical Analysis=================
Gold has embarked on a robust bull run after testing the support at 1990, rebounding sharply without experiencing the typical correction. The market is currently in a severe overbought state.
A key resistance level for gold was previously at 2145, which was slightly breached today but quickly fell back following Powell's speech.
Although gold is still in a bullish trend, I will consider a short position based on the resistance level and the need for a correction.
Entry point: near 2145
Target: 2085, 38% Fibonacci retracement
Stop loss: 2180.
P&L: 2.55
=================Possible Situation==========
No.1 Gold continues to rise to a new high above 2145.
No.2 Gold initiates a correction before the next significant movement. I expect the correction A-B-C to be completed in the coming days.
=================My Trading Plan===============
Buy limit: N/A
Sell limit: near 2145
Buy stop: N/A
Sell stop: 2121, 2108, 2000
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