Weekly Gold Price Trend Review (6/15/2024)
Last week, the opening price stopped at 2286 and formed a sideways trend. Since the price is located at the bottom of the channel on the big chart, when the U.S. market breaks through the top of the sideways trend on Monday, it is a good entry point in the short term when backtesting the top of the sideways trend, but at 2315 This is an obvious resistance level to lighten your position or stop making profits.
After reaching 2315 mentioned last week, a small downward channel and a downward breakout appeared. From the 5M chart, we can see that 0.618 after the breakout is just the resistance level. You can try it in the short term, and it may continue downward on the big picture. In a downward trend, the value of gambling is higher, but position management must be done before the top of the trend. In the end, the price did not continue downward and rose through 2315 to last week's high of 2341. After that, the price again tested the bottom of the channel but did not fall below the previous bottom of 2286.
The current price is 2332. From the 4H chart, after the HIGHER LOW appears, although it rebounds hard and forms a double bottom, it depends on whether the upward force can break through the previous high of 2342 next week. If it can break through the previous high and the resistance of 2353, it will be a great opportunity. Return to a higher position, but if these two positions rebound strongly downward, a shock will form here. At that time, pay attention to the top and bottom of the shock to place a position.
K.LAM
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