Weekly Gold Price Trend Review (8/10/2024)
After the opening price last Monday reached the 2450-2455 mentioned earlier, there was a powerful rebound. 5M shows that the 0.618 level of this strength happens to be a resistance level. Going downward is a good entry level. The first level Let’s look at the previous double bottom first.
After rebounding from the low of 2364 on Tuesday, it could not rise above the previous bottom of 2415, and rebounded with strength during the US trading session. 5M can see that a false breakthrough was formed in the US market on Wednesday. Even if the market goes down, it is an opportunity, but due to the false breakthrough The strength and speed are poor, and the risk is higher. In the first level, look at the horizontal bottom first.
The current price is 2431. From the 4H chart, it can be seen that the price closed and rebounded before reaching the bottom of 2350. It also broke through the resistance of 2415 on Thursday. It will be more beneficial to look upward in the short term.
In terms of layout, if there is a downward correction first after the market opens on Monday, you can pay attention to whether there is rebound power in the range of 2405-2415. It would be better if the rebound position overlaps with the bottom of the potential upward channel.
If it goes upward first, go to 2450, which had been downward earlier and overlapped with the top of the potential upward channel, and see if there is any rebound power in the detailed chart, the first level is 2415.
K.LAM
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