Weekly Gold Price Trend Review (3/23/2024)
After the price rebounded back to 2146 last Monday, it did not continue to fall below the 2143 support level and went sideways.
Last week’s analysis mentioned that we should pay attention to whether the 2143 support has rebound power, because this is a relatively recent potential rebound level. From the 5M chart, we can see that after the breakthrough in the US session on Wednesday, there was a retest and a horizontal top, and this position happens to be the recent rise. The 0.618 segment is a good entry point for short-term buying.
From the 1H chart, the U.S. market broke through the previous high of 2194 on Thursday and then performed a triangular shock and then broke downwards. The strength was obviously strong, and it appeared at the top of a large ascending channel. It will be more advantageous to look downward in the short term. The current price is 2165. In a small downward channel, after the market opens next Monday, when the price returns to the top of the channel or the resistance of 2185, pay attention to whether there is any rebound force. If it falls directly below the bottom of the channel after the market opens, there will be little room for decline. Because there is 2143 support below that has not been penetrated, you can pay attention to whether there is any upward rebound force in disguise.
K.LAM
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