XAUUSD May 31, 2024 gold price reaches correction target?
Our trading plan is to wait for the price to react in the price range 2337 to 2332 to look for buy signals.
The news was announced yesterday
Preliminary GDP news is 1.3%, lower than expected 1.6%
Applications for unemployment benefits were 219k, higher than the previous period's 216k
News that pending home sales are down 7.7%
Yesterday's news indicators are showing that the US economy is facing difficulties due to the Fed's monetary policy control.
Looking back a bit, we see that the CPI (Consumer Price Index) this period has decreased compared to the previous period. Tonight, the PCI (Personal Consumption Index) will be announced. If this index cools down, US inflation should have a good signal. This will contribute to helping the FED loosen its current monetary policy.
The goal of tightening monetary policy is to ensure inflation reaches 2%, and when tightening monetary policy, raising interest rates will cause the economy to stagnate. Therefore, if US inflation has shown signs of cooling down while the economy is showing signs of stagnation, it is necessary for the Fed to consider policies to ensure a balance between economic goals and inflation goals. .
Looking at the H1 chart, we see that the first target of wave 5 was achieved, then the price rebounded.
- After the price bounces back, it is still early to say the correction has ended because the correction is confirmed to end when the price closes above 2450. But at least we will expect a price increase to the target. 2400 next week.
- Currently we have price that has completed wave 1 as shown on the chart and is completing wave 2. We have a very good buying target which is the price range from 2337 to 2332.
Our trading plan is to wait for the price to react in the price range 2337 to 2332 to look for buy signals.
The news was announced yesterday
Preliminary GDP news is 1.3%, lower than expected 1.6%
Applications for unemployment benefits were 219k, higher than the previous period's 216k
News that pending home sales are down 7.7%
Yesterday's news indicators are showing that the US economy is facing difficulties due to the Fed's monetary policy control.
Looking back a bit, we see that the CPI (Consumer Price Index) this period has decreased compared to the previous period. Tonight, the PCI (Personal Consumption Index) will be announced. If this index cools down, US inflation should have a good signal. This will contribute to helping the FED loosen its current monetary policy.
The goal of tightening monetary policy is to ensure inflation reaches 2%, and when tightening monetary policy, raising interest rates will cause the economy to stagnate. Therefore, if US inflation has shown signs of cooling down while the economy is showing signs of stagnation, it is necessary for the Fed to consider policies to ensure a balance between economic goals and inflation goals. .
Looking at the H1 chart, we see that the first target of wave 5 was achieved, then the price rebounded.
- After the price bounces back, it is still early to say the correction has ended because the correction is confirmed to end when the price closes above 2450. But at least we will expect a price increase to the target. 2400 next week.
- Currently we have price that has completed wave 1 as shown on the chart and is completing wave 2. We have a very good buying target which is the price range from 2337 to 2332.
Our trading plan is to wait for the price to react in the price range 2337 to 2332 to look for buy signals.
Comment:
The price touched the first target of wave 2 and bounced up to form a withdrawal candle, showing strong buying pressure in this area.
Comment:
Comment:
Today there is important news from PCI so this morning we see gold on the sideway
Comment:
Good PCI news for Gold. We wait for the price to break the 2352 threshold to continue to rise.
Comment:
Comment:
April PCE data released yesterday, showed inflation slowing slightly. The market would get excited when the data came out, but it soon calmed down and concluded that 'inflation remains difficult'. With May nonfarm payrolls data due out next week, the market will continue to be constrained. Making the USD still have the power to increase in value
Looking at H1, we see a decline in price after the PCE news yesterday, the price failed to close above the 2352 zone, this confirms for us that wave 5 has not yet completed, so we continue to observe the target area of wave 5 to Continue buying when the price returns to this zone
Looking at H1, we see a decline in price after the PCE news yesterday, the price failed to close above the 2352 zone, this confirms for us that wave 5 has not yet completed, so we continue to observe the target area of wave 5 to Continue buying when the price returns to this zone
Comment:
