XAUUSD 9/2/2024 price continues to decrease?

Sep 2

Looking at H1, we see a sharp decline on Friday last week to the 2494 area, signaling that this is wave 3 in the red 5-wave trend above.

- According to the 5-wave structure, the price is currently completing wave 4 and then the price will continue to move in a downward trend to complete wave 5. The target is measured for wave 4 at the price range of 3507 - 2510, this will be our SELL target price range.

- After reaching the target of wave 4, the price continues to move to complete the target of wave 5. Then we measure the target of wave 5 at the range of 2487 - 2484, this is our BUY target price range.

Trading Plan

SELL ZONE: 2507 - 2510
SL: 2517
TP1: 2499
TP2: 2493
TP3: 2487

BUY ZONE: 2487 -2484
SL: 2477
TP1: 2494
TP2: 2499
TP3: 2509