Looking back at the past week, under the influence of important news such as CPI and PPI… especially when the Federal Funds Rate was announced, gold price mainly tended to move sideways and slightly increase within the price range of 2300-2340 after a sharp decline at the end of the previous week’s session.
The price chart is still in the wave from b to c with a dominant downward trend, so we still prioritize short-selling orders. This ensures that your risk level will be reduced to the lowest. Combining this with the analysis method based on Technical Convergence and trend analysis, the avoidance of risks is further reinforced.
According to the analysis, gold price will recover slightly before rising to the resistance convergence zone of 2348 – a price range considered for entering the market and following the downward trend.
Wishing investors smart and effective investment strategies! And stay tuned for the next gold price update.
By Pham Thanh Bien
