XAUUSD May 29, 2024 Is the upward correction over?
Looking at the current H1, we see that the price has reached the first target of wave 4
Looking at the preliminary forecast of US economic indicators tomorrow night we see.
- Prelim GDP q/q decreased from 1.6% to 1.2%
- Unemployment Claims increased from 215K to 218K
- Pending Home Sales m/m decreased 3.4% to -1.1%
US economic indicators show that the economic situation appears to be weakening due to tightened monetary policies. Maintaining high interest rates today makes it difficult for people and businesses to access capital, leading to a decrease in people's demand for housing consumption, in addition to pushing up raw material prices, leading to increased commodity prices. making it difficult to maintain operations of factories, leading to an increase in people applying for unemployment benefits. This continues to put pressure on the Fed to loosen monetary policy in the near future.
Looking at the current H1, we see that the price has reached the first target of wave 4 and the price is reacting sideways in this area. If the price breaks below the 2352 area and then recovers without exceeding the previous peak area, this is a very good sell down signal.
- If the price rises above the 2364 area, we wait for the target wave number 2 of wave 4 to find a sell signal.
- After the price completes wave 4, it will continue to trend with wave 5. From the current data, we will get the expected targets of wave 5 at target zone 1 at 2322 and target 2 at zone 2311.
- In the target areas of wave 5, we will find suitable conditions to enter a BUY order
Note: Sufficient TP, SL to be safe and win the market‼ ️Change data plan will be updated later.
Deekop's analysis is only a personal opinion with a desire to share its views with the community. I'm not always right. But my analysis always reflects my meticulous evaluation of what is best for an investment.
Looking at the preliminary forecast of US economic indicators tomorrow night we see.
- Prelim GDP q/q decreased from 1.6% to 1.2%
- Unemployment Claims increased from 215K to 218K
- Pending Home Sales m/m decreased 3.4% to -1.1%
US economic indicators show that the economic situation appears to be weakening due to tightened monetary policies. Maintaining high interest rates today makes it difficult for people and businesses to access capital, leading to a decrease in people's demand for housing consumption, in addition to pushing up raw material prices, leading to increased commodity prices. making it difficult to maintain operations of factories, leading to an increase in people applying for unemployment benefits. This continues to put pressure on the Fed to loosen monetary policy in the near future.
Looking at the current H1, we see that the price has reached the first target of wave 4 and the price is reacting sideways in this area. If the price breaks below the 2352 area and then recovers without exceeding the previous peak area, this is a very good sell down signal.
- If the price rises above the 2364 area, we wait for the target wave number 2 of wave 4 to find a sell signal.
- After the price completes wave 4, it will continue to trend with wave 5. From the current data, we will get the expected targets of wave 5 at target zone 1 at 2322 and target 2 at zone 2311.
- In the target areas of wave 5, we will find suitable conditions to enter a BUY order
Note: Sufficient TP, SL to be safe and win the market‼ ️Change data plan will be updated later.
Deekop's analysis is only a personal opinion with a desire to share its views with the community. I'm not always right. But my analysis always reflects my meticulous evaluation of what is best for an investment.
Comment:
At the target price area of 2362, we see that the price is reacting in this area with many H1 candles withdrawing above. This means that the selling force in this area is currently strong
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The price has dropped a lot so we wait for the price to rebound. If the price does not break the previous peak, it will confirm the downtrend
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Price is reacting at the 2344 zone. We see momentum in the oversold zone at the 2344 support zone. We expect an upward correction before further declines.
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The price continued to fall to the 2338 area and bounced strongly, this is a strong support zone. We expect the price to return to the 2351 or 2353 area then continue to decrease to complete the target of wave 5.
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