Weekly Gold Price Trend Review (8/4/2024)

  

After the market opened last Monday, it went straight up to the 2402 mentioned earlier and stopped. On the 5M chart, it can be seen that a double top was formed and then the force broke through the neckline and backtested. In the short-term downward direction, you can first look at the previous top of 2380, but then enter the market. Later, the price fluctuated greatly, and there was a chance that the position was reduced and then the capital was guaranteed. In the end, the price did not challenge 2350, but rebounded near 0.618 in the rising period and continued to rise. As can be seen in the 15M chart, when it breaks through the previous top of 2402, the short-term bearish trend can be suspended until some obvious resistance levels show rebound strength, such as 2432 /2450.

Looking at the 5M chart, there is a small rebound after reaching 2450 and then a false breakthrough. The 0.618 in the recent decline is just the resistance level. It can be tried downward in the short term. However, since the upward momentum is strong as seen in the big picture, this rebound is likely to be a callback, so before 2432 To lighten up or eat.

The current price is 2441. After the price returned to the top of the big chart, it showed obvious strength decline. The 15M chart shows that a false breakthrough channel was formed and then broke the bottom. In the short term next week, we can first see whether there is any reaction to the 0.618 in the 2450-2455 falling segment.

The 4H chart shows that the price failed to continue its decline at 2400, and then returned to the top of the channel and moved downward forcefully. It is possible that the large ascending channel narrowed into the horizontal area of ​​2350-2482. The medium and long term can be deployed at the top or bottom or after a breakthrough, there will be obvious Only enter the market in the right direction.

K.LAM

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