Weekly Gold Price Trend Review (4/6/2024)
Earlier, gold failed to fall below the strength level of 2154 after rebounding from the top of the channel. It even broke through the previous top of 2222 last Monday. Afterwards, it fell back to near the previous top of 2225 and continued upward. This position is a good entry point because it is a breakthrough level and the previous top range of 2222, but if you use a collision plate, you may not be able to enter the market.
The current price is 2328. Because it is a historical high, there is no structural resistance in front of it. In addition to paying attention to integer positions, such as 2400, 2500 and so on. In terms of operation, it will be more advantageous to pull back upward. You can pay attention to the horizontal top of 2305 or the midline of 2283 in the 1H chart. Generally, after a breakthrough, it will pull back to these positions. Although it is now at a high level, if the pullback force is not strong, don't be bearish for the time being. At least if you see obvious downward force breaking the structure on the hourly chart, then speculate on the callback first.
K.LAM
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