Weekly Gold Price Trend Review (5/6/2024)
After the market opened last Monday, the price stopped at the previously mentioned 2320 and rebounded. The 5M chart shows that it rebounded and then rose through the downward structure, and then fell back to around 0.618 and continued to rise. It is a good idea to move upward in the short term. market entry position. Unfortunately, it failed to reach the previous double top position in the end. A strong downward force appeared only when it reached the middle line of the ascending channel. Short-term investors can reduce or close positions here, because position management should be actively done when the shock range has no obvious direction.
After falling below the small ascending channel on Tuesday, the price fluctuated within 2325-2383 until the weekend, but it can be seen that LOWER HIGH continues to appear, and it is a small downward channel in form. In the short term, pay attention to the top and bottom of the channel and the false breakthrough level of 2309 , but you should pay attention to 2266 when making downward positions, because it is an obvious support on the hourly chart, and it overlaps with the bottom of the downward channel. If there is a clear rebound here next week or directly rises through the small downward channel, the medium and long term may be an upward trend. It is an opportunity to take a position, but if it falls below, there is a high chance that it will reach the next support level of 2228.
K.LAM
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