XAUUSD June 7, 2024 before important Non Farm news

Today we will have information about the Non Farm index published. From Non Farm ADP data
US ADP employment rose 152,000 in May, less than the gain in April. It was below market expectations and hit a three-month low. Additionally, April data has been revised downward.
Employment in the goods-producing sector increased by just 3,000, down significantly from 47,000 the previous month. The services sector increased by 149,000 jobs, of which 55,000 came from trade, logistics and utilities, but the number of jobs in the information industry continued to decrease by 7,000.
We realize that the US labor market is weakening, because ADP is the index used to predict official Nonfarm, so today's index will be very important for the upcoming gold trend.

Many indicators published during this time signaled that the US economy was weakening due to the impact of the FED's tightening monetary policy to reduce inflation. This will be one of the important conditions for the Fed to loosen monetary policy in the coming time.

Looking at H1 we see that a small wave 1 2 3 4 5 is about to complete.
Wave 3 target has been completed and currently the price is completing waves 4 and 5.
- We measure the target of wave 5 at the price range of 2390 and 2413
- After the price completes wave 5, the next wave will be the abc correction
- We will monitor Take Profit with purchased transactions at the price range we have previously given such as area 2317 and area 2354.
- Short-term sell orders can be initiated at this target price range of 2390 or 2413.

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:

Price is moving towards our wave 5 target

Comment:

Looking at H4, we see that the momentum has reversed in the overbought area, while the H1 momentum is approaching the oversold line, so we just need to wait for the H1 momentum to reverse in the overbought area without the price exceeding the old peak, which means it is confirmed. confirm that wave 5 peak has been formed (I will update later)

Comment:

After completing 5 waves 12345 we had a sharp decline
- This reduction cannot say anything, we have some milestones to pay attention to
- Area 2332 is the area we must pay attention to. If the price touches this zone and bounces up, we will have a plan like the updated chart below
- If the price breaks this zone, the next zone we have to observe is the 2317 zone. If the price breaks below this zone, the downtrend will continue and we will update the price target later.