Weekly Gold Price Trend Review (7/20/2024)
After the market opened last Monday and fell back to the previously mentioned 2405, it rebounded and continued its upward trend. This position is a strength level of the previous top plus the range of 0.618, which is a good entry position. A powerful double top formed in the U.S. market on Wednesday, and the position was the top of a large channel on the 4H or daily chart. After falling below the horizontal line, it pulled back to the midline of the horizontal line on Thursday, which happened to be in the 0.618 range. It is another good position for downward positioning. Because you get on the car at the turning point of the big picture, you have the opportunity to ride on the band of the big picture. After reaching the 1:1/front top at the first level, you can reduce the position and leave more for greater returns.
The integer support of the current price of 2400 is again the front top of the 4H chart and the midline of the large channel. Since there was a big momentum decline last week, it fell more than 80 yuan without a correction in the middle. There is a chance to pull back up at the beginning of next week, so the short-term in the small chart can wait for the upward force to find a position to enter. 2430/2440/2450 are more obvious resistance levels.
Judging from the daily chart, although the downward force is strong, since it has not fallen below the 2392 range, it is better to treat the general direction as a shock first, and then look at the bottom of the channel until it breaks through.
K.LAM
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