Weekly Gold Price Trend Review (5/11/2024)

 

 

After rising above 2320 on Monday, the downward shock evolved into a sideways trend, and the decline began to slow down. From Tuesday to Thursday, the price has been fluctuating within a narrow range in the upper half of the horizontal trend, and the opportunity for an upward breakthrough has become greater. The U.S. market broke through upward on Thursday and retested to the top. The medium and long-term may be a good opportunity to enter the market, because if it breaks through the large downward channel effectively, there will be a chance to continue the earlier upward trend, but beware of rebounding and falling after reaching the top of the channel. So the first step is to look at the vicinity of 2374, which is the height of 1:1, the position of the top of the channel and the previous double bottom. On Friday, the U.S. price reached 2378 and then retreated.

The 5M chart shows that after making a small head-and-shoulders top, it was able to break down and backtest effectively. It is also a good entry position in the short term. However, since the upward momentum is quite strong, it is best to reduce or close positions after reaching the previous top of 2357.

The current price is 2360. Judging from 4H, the rising momentum on Friday is strong, and I will tend to go higher. However, since it is currently at the top of the channel, it is possible to break through after a small shock or to pull back to the sideways top, so it depends on what happens after the market opens on Monday. How. If it breaks through the previous top of 2378 and stabilizes, it will look at 2400. If it falls below 2356, it will have the opportunity to return to the horizontal top of 2330.

K.LAM

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