XAUUSD on June 6, 2024, the uptrend officially begins?

Jun 6

Yesterday Israel attacked Hamas, causing gold prices to increase sharply last night despite the ISM PMI index being greater than 50.

Looking at H1, the news of Israel attacking Hamas has caused the price of Gold to rise through tradingrank for more than a week now.
- Price surpasses 2464 and confirms wave 5 has ended at our target area of ​​2317.
- From the chart we see that wave 5 is an Ending Diagonal Triangle (ED) wave. This wave usually appears at the end of the trend. When this wave ends, a new trend will open
- So we hope the next price target is 2397
- Looking at the H4 momentum indicator, we see that this indicator is in the overbought zone and is about to reverse. Looking at the H1 momentum indicator, we see that this indicator is entering the overbought zone. So in the immediate future, we expect a correction to confirm wave 1 and wave 2.
- We have 2 temporary target areas measured on the H1 chart measured from existing data. We continue to observe to wait for this confirmation adjustment to complete.

In our plan, we pay attention to the 2397 zone. If the price reaches this zone, there may be a big correction that we can take advantage of to sell down.
Adjustment areas 2464 and 2354 may be the price will retest these areas and we can proceed to buy up.

Deekop's analysis is free from any personal bias intended to serve everyone. I can't always be right - no one can. But my analyzes reflect Deekop's meticulous assessment of the market situation in the medium and long term and nothing more to help people have the best trading plan.

Jun 6

Note

The price has returned to the 2464 area, we focus on observing this area

Jun 6

Note

Jun 6

Note

The price is reacting at our target area. Looking at the candles, we see that the price is creating a withdrawal candlestick pattern in this area, signaling that the buying force is strong.
H1 momentum is about to reverse in the oversold area, signaling that selling force is weak in this area.

Jun 6

Note