Week 29: Market Update & Gold trading journal

Disclaimer: All information shared is solely for learning purpose and it does not constitute to a buy/sell call.

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Market updates 12th Jul 2020:

Key companies to look out for on earnings releases:

Credits: Earnings Whispers

 

Gold trading plan:

 

Weekly Chart:

Similar to last week’s view, I am waiting for pull back before adding positions. Do refer to 4 hours chart on the potential support level of the pull back.

It is also important to monitor the price action in case the trend is broken.

Note: MACD, RSI are still trending up

In trading, please do not FOMO (Fear of missing out) – As seen recently (and many times in the past), before any large up move, market would generally test for support before going up. Hence, opportunities would come.

 

Daily chart:

In daily chart, the trend is still on the uptrend.

Do take note in case the trend changes.

MACD and RSI have slightly weaken (but still in positive momentum).

 

4 hours Chart:

We are currently at Wave 5.D as seen in the below chart.

As mentioned last week, I am not adding more position unless pull back is seen.

At the 4 hours, I am seeing potential opportunities for a pull back support to be forming at around ~1786 range. Should support comes in, it may be a good risk to reward trade for long.

As no charts are guaranteed sure win, I would be having a stop loss at around 1,770 range (+/- 5 for margin of error).

As no trading/investments are guarantee sure win, please do your own due diligence and always look at risk to reward and trade with guaranteed stop loss.

 

Regards,

Ernest Koh