Looking back at the past week, after the gold price retraced to the crucial support area around 2290, it continued to rise again. According to our analysis, the price has completed the continuation pattern (usually occurring from t2 to l2), ending the recovery period and returning to the first million-dollar pattern of upward trend.
The strategy for the first million-dollar wave’s upward trend is to prioritize buying positions. Therefore, we will wait for the price to recover to the support convergence area at 2317, which is a safe zone for entering the market while still aligning with the upcoming main trend.
However, this phase is still in the early stages of the upward wave, so it cannot be confirmed with 100% certainty. Thus, proper risk management and strict adherence to it are the best ways to achieve a prosperous and happy life.
Wishing investors smart and effective investment strategies. Stay tuned for the next gold price updates!
By Pham Thanh Bien
