XAUUSD on May 30, 2024, the rally is about to begin
Updated
With the wave 5 targets projected on the chart, we have 2 target zones: zone 1 is 2322.7 and target zone 2 is 2311.5.
Today will release news on unemployment claims, preliminary GDP, and pending home sales, with forecasts worse than last period, if tonight's actual index reflects correctly. This seems to signal that the US economy is being affected by monetary policy due to maintaining current high interest rates.
Tomorrow is an important day to announce the PCI index (Index of price changes and consumer goods purchased by consumers excluding food and energy). If this index cools down, it could influence the Fed to loosen current monetary policy.
Looking back over recent times, we see that the CPI inflation index has begun to show signs of decreasing, combined with economic pressure that may cause the Fed to decide to loosen its monetary policy, especially tomorrow if PCI index cooled down.
Looking at H1, we see that the price has completed wave 4 and is continuing to complete wave 5.
- We see that the current price has broken below the supply and demand balance zone as shown on the chart
- With the wave 5 targets projected on the chart, we have 2 target zones: zone 1 is 2322.7 and target zone 2 is 2311.5.
- We wait for the price to reach the 2322.7 or 2311.5 areas to find reversal signals to decide to buy.
Today will release news on unemployment claims, preliminary GDP, and pending home sales, with forecasts worse than last period, if tonight's actual index reflects correctly. This seems to signal that the US economy is being affected by monetary policy due to maintaining current high interest rates.
Tomorrow is an important day to announce the PCI index (Index of price changes and consumer goods purchased by consumers excluding food and energy). If this index cools down, it could influence the Fed to loosen current monetary policy.
Looking back over recent times, we see that the CPI inflation index has begun to show signs of decreasing, combined with economic pressure that may cause the Fed to decide to loosen its monetary policy, especially tomorrow if PCI index cooled down.
Looking at H1, we see that the price has completed wave 4 and is continuing to complete wave 5.
- We see that the current price has broken below the supply and demand balance zone as shown on the chart
- With the wave 5 targets projected on the chart, we have 2 target zones: zone 1 is 2322.7 and target zone 2 is 2311.5.
- We wait for the price to reach the 2322.7 or 2311.5 areas to find reversal signals to decide to buy.
Note
The price is testing the 2341 area again. We wait for a reaction in this area to determine a successful testNote
Note
The price has reached the first target of wave 5. We need to carefully observe this area to enter an orderNote
Note
Looking at M15, we see that wave 5 seems to be completed when it has 5 small waves in itNote
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