Weekly Gold Price Trend Review (10/5/2024)
After the market opened on Monday, it continued the downward momentum from last weekend. It fell to 2625 hours and began to rebound on Tuesday. During the U.S. trading session on Tuesday, there was an obvious force rising through the downward channel. The 5M chart shows that the strength of 0.618 in this period happened to be the previous top. However, due to the rapid pullback, you can consider reducing your position when the previous top is reached. In the end, it still failed to break through the resistance of 2673, and turned into a double top downwards.
A similar opportunity appeared in the U.S. market on Wednesday. This time, 0.618 in the entire band happened to be the top of the downward channel plus the swap level. However, since 2673 may have become a horizontal top, the downward movement of the double top may go to the horizontal bottom of 2624, plus The downward force of the pullback is very strong, so the risk of this transaction will be higher.
The current price is 2652. You can see that after the price failed to rise above 2673, it pulled back downwards but continued to fluctuate. Moreover, a diffusion pattern appeared on Friday. You should be more careful when setting stop loss. Before the release of important data on Thursday, there is a greater chance that the market will fluctuate in the range of 2673-2624. Pay attention to whether there is any rebound force at the top or bottom to break the structure. If there is really a big kinetic energy to break the edge on Thursday, pay attention to the 2600 support level mentioned earlier. 2700 integer digits.
K.LAM
Risk Warning: OTC gold/silver trading involves a high degree of risk and may not be suitable for all investors. A high degree of leverage can have negative or positive consequences for you. You should carefully consider your investment objectives, trading experience and risk tolerance before deciding to buy or sell OTC gold/silver. Situations that may arise include sustaining a loss of part or all of your initial investment, or incurring greater losses in extreme circumstances (such as a gap in the underlying market). Therefore, you should not invest money that you cannot afford to lose. Investors should be aware of all risks associated with trading OTC gold/silver and seek advice from an independent financial adviser if necessary. Market information is for reference only, and MAX Online in no way guarantees the accuracy of the analysis content.
