Weekly Gold Price Trend Review (2/24/2024)
Judging from the 4-hour chart, after the important data from the United States on 13/2 and 15/2, the price of gold rebounded with strength after a sharp decline, turning into a larger downward channel. Although the direction of the channel is downward, the bottom of the channel can also be regarded as a kind of support, and it has obvious rebound power, so in the short term, you can find some support levels and wait for the callback to buy.
From the 1-hour chart, 1995 is the top of the previous small shock, which can be regarded as an obvious support level. It will be more advantageous to deploy the market entry here. After entering the market, the first step is to look at the previous top of 2008, and after it breaks through, look at the development of the 2030 big black candlestick. After reaching the top of the channel, you can leave part of the position to try to see if it can rise through.
The current price is 2035, and there is not much room to move upward, because it is close to the channel top and the resistance of 2052. However, you can pay attention to the small downward channel top on the 15-minute chart. This position happens to be 0.618 in the recent uptrend. If you plan downward, pay attention to whether there is rebound power near 2052. The first hurdle will be 2030, and then 2008. If there is strength to break directly upward, it will be more beneficial to wait for the pullback and move upward.
K.LAM
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