please note: This is a personal journal only, but NOT a trading suggestion.
Current price: 1762
===================Analysis=================
Yesterday Gold touches 1769, the exact 61.8% of fib line, and then started dropping.
In my 1011 analysis, I already listed a few facts and pointed out that we are in the ranging market, where the price will just go up and down.
I still remain my opinion (STILL RANGING) until gold breaks the consolidation range: 1750 - 1770.
I don't predict the market for bearish or bullish but only follow the price facts.
Today FOMC will announce some news that have potential to push gold out of the range.
So here are a few situations:
=================Possible Situation==========
No.1 Gold continue ranging between 1750-1770. No.2 Gold goes above 1770, and will test 1780 again. No.3 Gold dip below 1750, and then next target will be 1730 area.
Here's my P.S: I'm NOT trying to predict the market move. As a trader (not analyst), we need to know how to trade in different conditions, but not predict the conditions.