Week 31: 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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STI: I have analyzed 18 companies from SGX (mainly STI stocks) over the weekend and only found 4 that are worthwhile to hold for longer term.

As such, deduction for market sentiment for Jul and Aug for STI would be quite bleak. For those whom have longed in STI, do be cautious of your positions.

 

Key companies to look out for on earnings releases:

Credits: Earnings Whispers

 

Gold trading plan:

 

Weekly Chart:

As mentioned last week, downward pressure has eased and Gold has went into a super bull since last Monday. We are now just 18 shy of All time high and basis sentiment, we would be highly likely to hit All time high (ATH) in the upcoming week. Whatever price above the All the time are “uncharted waters” where it would be difficult to ascertain where is the exact resistance (we may use fibo extension to have a look but do monitor in case it drop back below ATH levels.

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:

We are currently at Wave 5 out of 5. 1,920 will be the last piece of meat for this wave.

 

4 hours Chart:

We are currently at Wave 5.E.5. Similar to daily chart, we would expect gold to touch 1,920. Thereafter, it may have strong resistance or strong momentum where we would need to monitor closely.

 

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