Weekly Gold Price Trend Review (4/27/2024)
After falling below 2374 early last Monday, even the horizontal bottom of 2362 fell below during the backtest. The two supports were penetrated and did not pull back up quickly, which can be regarded as a large increase in downward opportunities. If the resistance turns into support, you can try to be bearish at 2362. The first support of the double bottom before 2325 is exactly the distance of 1:1 from the horizontal height. After the big black candlestick fell to around 2300 in the early part of Tuesday, it rebounded with strength during the US session and broke through the downward structure. Judging from the 1-hour chart, it is still a downward channel. It can also be seen as a false breakthrough of 2300. For short-term speculation, the support near 0.618 can be optimistic. As a result, a small horizontal false breakout was made in the early part of Thursday and then the price went upward. The first hurdle was 2350, because there are several overlapping factors at this position, 1) the small horizontal trend was 1:1, 2) the recent uptrend was 1:1. , 3) The previous small interchange level, 4) The top of the small ascending channel.
The current price is 2337. From the 1-hour chart, it can be seen that it has just rebounded upward from the large downward channel. The normal target can be to look at the top of the channel first, but after the market opens on Monday, you have to stay in that direction. If the downward force is not strong, you can pay attention 2320, which is the bottom of the small rising channel and 0.618 in the recent rising period. If it falls below this point, it should challenge the bottom of the large falling channel again.
If it breaks through 2350 or the small ascending channel, it would be better to wait until the resistance moves downward in the short term. From the 4-hour and daily charts, the recent downward force is relatively strong, and it is beginning to approach the top of the large downward channel, so it would be better to move upward. has less space.
resistance
2362
2374
2400
support
2320
2300
2266
K.LAM
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