XAUUSD July 22, 2024 Is the decline over?

Jul 22

The information that President Biden withdrew from running due to his health further confirmed Trump's high chance of winning the election. This information immediately caused XAU to gap up on Monday morning

Looking at H1 we see a sharp sharp decline, this is the ongoing wave 3.
- At the price range of 2394, we have a strong rebound. From this rebound we expect that wave 3 has ended and this rebound is wave 4.
- The target of wave 4 I measured at the price range 2420 or price range 2428
- After completing wave 4, the price continues to decrease to complete the 5-wave pattern
- With the current price data, I can temporarily measure the expected target of wave 5, the last down wave of this downtrend, at the price range of 2382 or the price range of 2366.
- After the end of this price reduction, we expect a strong recovery and I will update the specifics of this recovery after the price completes this 5-wave decline.
- Our trading strategy is to observe price reactions at support and resistance zones to enter orders

Jul 22

Note

Looking at the current H1, we see that the price has filled the GAP and next the price will complete an upward recovery wave

Jul 22

Note

Currently, the price is still in the correction zone. If the price breaks down to the 2394 area, then we have wave 5 officially confirmed. When measuring, we wait for the target to complete wave 5.

Jul 23

Note