XAUUSD June 3, 2024 Gold's target zone?
We expect the price to reach the target zone of wave 5 to find conditions for executing buy orders in this zone.
As Friday passes, the market eagerly awaits the personal consumption expenditure (PCE) price index to be announced later. It is expected to show moderate price pressure in April, which would support the case for a rate cut later this year. Anticipation of interest rate cuts is favorable for gold as a non-yielding asset.
Looking at H1, we see that the price dropped sharply last weekend. Currently the price is in the 2330 area
- Looking at RSI, we see the phenomenon of bottom divergence. This signals that the immediate selling force has weakened. Maybe the downward momentum will no longer be strong
- Looking at the current price structure, we can see that the price is currently completing wave 5
- We have wave 5 targets which are 2 price zones: 2317.6 and 2311.5
- Looking at the momentum indicator, we see that the momentum is currently in the overbought zone and could reverse at any time.
- We expect the price to reach the target zone of wave 5 to find conditions for executing buy orders in this zone.
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.
As Friday passes, the market eagerly awaits the personal consumption expenditure (PCE) price index to be announced later. It is expected to show moderate price pressure in April, which would support the case for a rate cut later this year. Anticipation of interest rate cuts is favorable for gold as a non-yielding asset.
Looking at H1, we see that the price dropped sharply last weekend. Currently the price is in the 2330 area
- Looking at RSI, we see the phenomenon of bottom divergence. This signals that the immediate selling force has weakened. Maybe the downward momentum will no longer be strong
- Looking at the current price structure, we can see that the price is currently completing wave 5
- We have wave 5 targets which are 2 price zones: 2317.6 and 2311.5
- Looking at the momentum indicator, we see that the momentum is currently in the overbought zone and could reverse at any time.
- We expect the price to reach the target zone of wave 5 to find conditions for executing buy orders in this zone.
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:
The price has approached the wave 5 target area, we wait for confirmation candlestick signals to buy
Comment:
Comment:
Gold price has increased after touching target 1 of wave 5 at 2317. Currently we see that the momentum indicator is preparing to reverse into the oversold zone. If this decline ends above 2317, we will have confirmation of a successful uptrend, then the target is 2400.
Comment:
