XAUUSD 1/8/2024 after FOMC news?

Aug 1

Looking at H1, we see that after this morning's FOMC news, we see that XAU has increased to the 2458 zone
- As I analyzed in the previous plan, when the price breaks through the 2402 zone and then tests again and does not fall below this zone, the price will continue the 5-wave trend instead of the 3-wave ABC.
- Regarding the trend, after the price follows the 5-wave model, the next wave target is the 2500 price zone as analyzed before.
- Looking at the present, we see that wave 3 in the blue 5-wave structure is completing, and the price has now started blue wave 4
- Measuring the wave 4 target, we have the price zone of 2433. This will be the price zone we are waiting for as a BUY target
- The target of wave 5 will be specifically determined by me after wave 4 is formed. With the current data, I am expecting wave 5 to end at the price zone of 2500

Trading plan
BUYZONE: 2433 - 2430
SL: 2423
TP1: 2422
TP2: 2450
TP3: 2465

SELL ZONE: 2467 - 2470
SL: 2477
TP1: 2450
TP2: 2422
TP3: 2433

Aug 1

Note

Aug 1

Note

BUY ZONE: 2433 - 2430 / +230 pips
SL: 2423
TP1: 2422
TP2: 2450
TP3: 2465