Throughout the past week, the gold price showed signs of entering an upward channel. However, in the final session of last week, there was a sudden drop that broke all conditions of the upward channel, reinforcing the scenario that the price recovery to level l2 has not yet concluded. This is further supported by the analysis of the US Dollar.
Therefore, we will wait for the price to recover to the resistance levels around the 2334-2340 region, and that will be the time to continue following the main downward trend.
However, it should be noted that this is the last week of June, and the price is entering the final phase of the wave from t2 to l2, so there will certainly be unpredictable fluctuations.
We need to clearly plan our strategies and strictly adhere to risk management rules. Even when the options are unclear, we should refrain from participating in the market to avoid unnecessary risks. Once the trends become clearer, we can re-enter the market.
Wishing investors smart and effective investment strategies. Stay tuned for the next gold price updates.
By. Pham Thanh Bien
