Weekly Gold Price Trend Review (5/18/2024)
After falling below 2356 early last Monday, it followed the downward channel and stopped at the top of the previous horizontal line at 2330, and began to slow down and still became a small horizontal line. Last week, it was mentioned that the price may rebound at 2330 and continue the upward trend. When the 15M chart shows higher low and higher high during the European trading period, it seems to be a good time to enter the market. Of course, the price may rebound at 2356 and continue the upward trend. Down, so this is a position to reduce positions and protect capital. 2378 is the same concept.
The current price is 2414, and the next resistance level is 2430. However, judging from the 4H or daily chart, the upward momentum is still strong and there is no deceleration pattern. Those who have long positions can push back to make profits or wait for the strength of the detailed chart to rebound and break the structure before reducing their positions. .
If you don’t have a position or are short-term, you can only wait for the price to reach 2430 to see if there is a strength rebound or false breakthrough. However, the profit stop target may only reach 2400 at the farthest because the general direction is still optimistic. The first series I am interested in will wait until it breaks through 2430 and stabilizes before looking for opportunities. The first series will pull back to near the bottom of the ascending channel next Monday before reaching the big level. Pay attention to whether there are any opportunities. However, since it is close to the big level, the risk of going upward will be higher and the demand will be higher. positive
Protect positions.
K.LAM
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