Weekly Gold Price Trend Review (4/13/2024)
After the market opened last Monday, the price really returned to the horizontal top of 2305, and then made a small double bottom and then exploded upward. As shown in the 15M chart, if there is no collision to enter the market, you can also enter the market after the small double bottom exerts force. For the first level, you can look at the vicinity of 2253. Because it is a record high and there is no resistance level available on the left, you can use the 1:1 of the recent band. You can see that there will be a correction as soon as the price reaches 2353, and short-term investors can reduce their positions here. After that, going to the 2400 integer position is also a position to consider closing or reducing positions.
The current price is 2344. You can see from the 15M chart that there was obvious strength to rebound on Friday night. The rebound occurred at the integer mentioned last week. The price made an obvious false breakthrough here. The short-term future will definitely be bearish. More advantageous. However, there is already a support level at 2319, so it is impossible to pursue selling here. You can pay attention to the reaction when the price returns to the resistance level of 2392 (0.618) or 2383. If the market opens on Monday and rebounds directly to 2319, you can also pay attention to whether there is a callback in the downward period on a more detailed time chart, but you must actively protect your capital or reduce your positions.
K.LAM
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