Week 46: Gold trading plan

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

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Caution: While US election is over, there are indications that Trump may not concede – that would lead to further market volatility or at the extreme unrest going on. 

 

 

Gold trading plan:

Weekly Chart:
We have seen that Gold has completed the Wave 5 of the consolidation downward wave last week and has broken up strongly on the upside.
Immediate resistance point is now around ~1,975 to 2,000 range. Should Gold be able to break up above 2k, it may be likely to retest 2,015 and subsequently 2,075.
(personally I will be moving my trailing stop profit higher as and when resistance is broken up). In case the trend changes back down, profits would be taken.
MACD and RSI is now recovering but would need to be cautious as cross over have not happened.
(It may be either a strong up move or a smaller recovery and further downward move – refer to daily chart below)
Daily Chart:
MACD, RSI & PSAR are now all pointing up where it is supported by strong uptrend. However, do be cautious that there may be resistance ~1,975 region.
When zooming into Daily chart, we can see that Gold is currently at wave B recovery wave where upside potential is there on the immediate term.
4 hours chart:
4hrs MACD, RSI & PSAR are all in uptrend mode and would likely to reach wave 5 by Monday end of day.
 
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 (private message me to know more).

Past article written on how to use guaranteed stop loss; do private message me in Telegram for me to refer you to IG.

Regards,

Ernest Koh