Gold chart analysis

Stopped. Still in a position, at the moment, to continue correction down. Waiting for clues. Might enter again on close below high bar close, somewhere along the way.

 

Friday

Daily




1hr



What I'm seeing
Not much has changed in the past 24hrs, maybe a little more weakness but that could be random noise within the $30 range


What I'm looking for:

1. Same as yesterday, Better price action with a more directional bias
2. I'm not expecting much until NFP tonight but I'll have alerts set just in case

 

Had a short setup fall into place hours ago, but had to see a man (with Dr in front of his name) about my heart. Nothing serious I hope I hope.

But with NFP job report in 12 hours or so had to pass anyway, till the dust settles.

 

Looks like you had some tough PA to deal with overnight.
Shame the first trade didn't work out, that was a nice entry you got on the reversal after price made a new recent low.

Fingers crossed for you man! Hopefully it's a clean bill of health and a nice profitable NFP session to end the week for you.

 

Monday

Daily



4hr



30min



What I'm waiting for:

1. A channel line overshoot and price to close into support around 2900 (on 15-30min chart)
   1. I'll be a buyer once I've seen a show of strength on a LTF (200 tick/5min)

What I am mindful of:

1. Last week the price stayed mostly range bound. The price action was a bit chaotic and hard to read at times.
2. My impatience started to creep in and I would take a small trade in a bad spot, quickly close it or be stopped out for a few ticks
3. This caused problems when later, a better quality setup would give me an entry near HTF support (2900ish). I would hesitate and question whether I was forcing another trade
   In that moment I would either:
   i. Miss the entry all together
   ii. Get an entry but then stop myself out for a small profit by strangling the trade with a tight stop

 

GC is at 2909 now. It will drop in the next couple of days and we should see at least 2860

 

Thanks for the input.
Do you mind sharing your chart analysis so we can see how you're looking at the mkt?

 

Tuesday

Daily


2hr


30min


What I'm waiting for:

1. A retest of 2900 and a reversal pattern. Then I'll look for a short entry

 

Hi. Since I only trade GC and ES and I track them minute by minute, I don't use charts to predict. All numbers are based on my gut feeling and random check of the charts and experience. No solid chart analysis behind my predictions. All things said I practice what I preach and I trade about 50 contracts of GC (mostly on options).

 

Tuesday: PART 2- XAUAUD

Although XAUAUD hasn't done much for the past month, the overall bias still seems more bullish than XAUUSD and thus might offer better opportunities to keep trading with the trend.


Daily


4hr


45min


What I'm looking for:

1. A 3rd push OS into support near 4565.
2. Signs on a LTF of a reversal pattern.
3. Then I'll look for long entries