Weekly Gold Price Trend Review (4/20/2024)
During the U.S. trading session last Monday, on the 15M chart, the price rebounded with strength near the 2319 mentioned last week. Those who entered the market before sleeping may consider reducing their positions at 2392, because this position is the 0.618 and previous bottom of the decline mentioned earlier. .
Although there is a small sideways and downward break backtest at 2392, due to the strong upward strength, 2360 will be a strong support level. The odds of placing a downward position are not good, so you may use a narrower time chart to enter the market. more favorable. On Friday, the price broke through the horizontal upward trend of 2362-2398 and then immediately fell back, but it did not fall below the 2374 strength level. From the big picture, it is obvious that the top and bottom are narrowing. In the short term, you can pay attention to whether there is strength to rebound near 2374 and 2418. If the price continues to narrow and the odds are not good, you can wait until the edge breaks before entering the market.
K.LAM
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