Looking back at last week’s update, we can see that the gold price has moved as calculated, trading sideways below the resistance convergence zone around 203x.
Why did the price trend sideways during last week? It’s because it is in the process of forming the Right Shoulder in the Head and Shoulders pattern, as developed by Mr. Pham Thanh Bien.
After a sufficient accumulation period of trading sideways, the price is likely to break out and increase. Combined with important news affecting the US dollar index and its trend this week, the gold price is expected to show stronger and longer fluctuations.
Therefore, we will prioritize a Buy Limit strategy. Simultaneously, reducing the trading volume can minimize risks while seizing opportunities when the right time comes.
Let’s wait for the price to test the convergence zone between 2020-2024. We can enter a Buy order with a stop-loss below the 2012 zone, and the target price upon breaking the downtrend is 2045, 2053. Stay tuned for the next updates on gold price.
Wishing all investors successful and insightful investment strategies!
By. Pham Thanh Bien
