XAUUSD June 4, 2024 has the uptrend begun?
Yesterday after the PMI news was announced, we witnessed a price increase to the 2354 area.
- The PMI index is used to measure the degree of expansion of industries. We see that this index is lower than the previous period, which continues to support the fact that the US economy currently continues to show signs of decline.
- In recent weeks, economic indicators have signaled that the US economy is showing signs of decline, combined with inflation cooling down, this is a signal for the FED to cut interest rates in the near future. .
Looking at H1 last night's increase continues to confirm for us that the wave 5 target has been achieved at the price range of 2317.
- So now we may have a new trend forming. We have the 2464 price range used to confirm this trend when the price surpasses this price range.
- Currently, we expect a correction to consolidate this newly formed trend when the price does not surpass the 2315 price range. That is, we measure the target of this correction at the 2335 and 2330 zones.
Planning to buy more when the price reaches these areas, we wait for a reaction to find a reversal signal to execute the buy order
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.
Comment:
Comment:
The price is still in the accumulation zone, we expect a break to the 2335 area before increasing
Comment:
The price is still in the accumulation zone, we expect a break to the 2335 area before increasing
Comment:
Comment:
We see a strong bullish candle confirming. This is a very good buying signal
Comment:
