Weekly Gold Price Trend Review (3/2/2024)
Last Monday, the price rebounded after falling to the top of the channel, but the strength of the rebound was obviously not as strong as the downward force on the left. From the 15M chart, we can see that after the rebound to 0.618 in the downward segment (2036), a downward force appeared to break the structure and the small channel. In the short term, it can On the more detailed chart, we can see that the resistance level is waiting to be pulled back into the market, and the target is to look at the previous bottom first. Because the upward trend on the left is strong and it rises through the channel, the most likely short-term downward opportunity is a correction. As a result, the price stops at 0.618 (2025) during the big rise and goes sideways.
It wasn't until the data came out during the U.S. trading session on Thursday that the upward force broke through the horizontal top, and this breakthrough level happened to be around 0.618 in the rising period. If you follow the upward trend, this is a good position to enter the market.
Judging from the 4-hour chart, the price has stopped at the previous top (2087) at the end of last year. Although the upward trend is strong and has broken through the large downward channel, it is always under resistance and normally would not move upward at this position. On the contrary, you can pay attention to whether there will be a strong rebound on the detailed chart on Monday, which may lead to a callback wave. If you want to wait for an upward opportunity, wait until it breaks through a major upward position and stabilizes or returns to the support level around 2057 before deploying.
K.LAM
