Weekly Gold Price Trend Review (6/22/2024)
At the beginning of last week, the price first fell back to the horizontal 1:1 distance, which was also the range of 0.618 and the swap level in the previous rise. From the 5M chart, we can see that there was a rebound force at the bottom of the downward channel, and 0.618 happened to be the previous top. In the short term, It's a good entry point.
On Tuesday night, it retested the bottom of the falling channel again and rebounded hard. From the 1H chart, it can be seen that it formed a W bottom and rose through the channel and then continued upward. It was not until Thursday night that a large kinetic energy broke through the two resistances of 2341 and 2353, and then reached around 2369. A strength rebound begins. At this time, you should pay attention to the fact that the upward trend may be coming to an end, so if there is an opportunity to take a downward position, you can also actively try it.
After the price finally fluctuated to 2368, it fell sharply during the U.S. trading session on Friday. Those who entered the market and made downward positions can keep some positions to see whether the downward momentum this time continues the downward trend of the earlier big picture.
The current price is 2321. If you don’t have a position, if the market opens next Monday, it will go up first. You can pay attention to the resistance level 2335. This is the strength level of the previous strong rise. If you want to continue the decline, you will usually not rise above this position, otherwise it will continue. shock. If it moves downward first, pay attention to whether there is rebounding force near 2308 or the bottom of the channel. You can first act as a callback wave. If it falls by 50 yuan in a short period of time, the downward momentum may weaken and a callback occurs. Those who already have a position can look at the rebound strength to decide whether to close the position or continue to hold it.
K.LAM
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