Week 32: 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: Post last week’s post, we have seen STI went down by few % in a week and the down trend seems to be stronger. Please exercise caution if you are holding stocks.

 

Gold trading plan:

Weekly Chart:

 

As mentioned last week that it is highly likely that Gold would hit all time high and it has happened. At present, the chart is looking very strong but due to “uncharted waters” I am expecting suddenly deep flush down to happen anytime to stop hunt the weak players. Please be careful and always move the stop loss to breakeven/profit so that you can protect your wealth.

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.

RSI and MACD pointing up but is at overbought region. May go up further but we would need to be careful in case of sudden spike down.

Daily chart:

While gold is going up, I can see that Wave 5 has ended. It may come back to test support at 1920 range.

 

4 hours Chart:

Bearish divergence seen – hence the suggestion that it may suddenly spike down before coming back up. Do trade with caution as the trend is not exactly clear now.