Weekly Gold Price Trend Review (3/17/2024)

  

At the beginning of last week, the gold price reached 2195 and then rebounded and fell below the upward structure. From the 4H chart, it is possible that it has reached the top of the channel, so there may be a short-term correction. 2184 may be a good entry point, which is the golden section of 0.618 in the decline period.

Moreover, we can see that it is a swap position on the 5M chart. However, since the upward momentum is strong from the big picture, and there is a small sideways trend before the US market data announcement on Tuesday, don’t look too far ahead at the stop profit level. The first double top level of 2164 will be a Nice location to lighten up or eat.

The current general direction must be upward, which will be more favorable. The needle on the previous day's chart topped 2143, which is the nearest support level. You can pay attention to the detailed chart early next week to see if there is strength to rebound. If it falls below this position, the lower level may reach 2087. This is the daily The chart recently rose to 0.618. In addition, judging from the 1H chart, a downward trend line has emerged, and there is a chance of forming a downward channel. You can also pay attention to the top and bottom positions next week.

K.LAM

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