Weekly Gold Price Trend Review (6/1/2024)
The price rebounded from 2330 last week and retreated. I originally waited to see if there would be a rebound force around 2375, but the result appeared during the US market on Tuesday. The 15M chart shows that the price correction formed an upward channel. On Tuesday, there was a downward force and fell through the upward structure in the US market. It also happened to make a false breakthrough and the position happened to be 0.618. It is a good position for short-term downward movement. Look at the front bottom (arrow position) at the first level, and then look at the bottom.
During the European trading session on Thursday, the price fell sharply and then rose sharply after falling to the bottom of the channel. On the 5M chart, you can see that the pattern formed a large horizontal trend. After the sharp drop and sharp rise, there was a small horizontal trend and a false breakthrough. It is a good time to enter the market if there is a market call. At the first level, you can look at the middle line of the big horizontal line, and then look at the top of the big horizontal line.。
The price rebounded vigorously from the horizontal top in the U.S. market on Friday, fell below the breakthrough level (Yuzui level) and returned to the horizontal bottom. Judging from this strength and the downward momentum of the 4H chart, there is a greater chance of a short-term downward trend, which can wait until Monday. In the direction of the market outlook, if the trend is upward but not strong, you can pay attention to the midline of the big horizontal trend. If there is a strong downward breakthrough, pay attention to whether the bottom of the big horizontal trend will become resistance. If you want to move downward, pay attention to the vicinity of 2300 (integer position and previous bottom) and 2280 (the height of 1:1 of the large horizontal line). If the upward momentum is strong and rises above the midline, pay attention to 2375 or 2400 (also
Is horizontal row 1:1 height).
K.LAM
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