XAUUSD week 3 May 2024 Is the uptrend over?
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Last week, we saw that the US economy also sent remarkable messages. For the first time, the number of applications for unemployment benefits decreased despite the softening of the labor market, this shows that the American people are gradually adapting to the current controlled economy, plus the CPI released last week has increased beyond expectations, this will create motivation for the Fed to continue maintaining high interest rates in the near future
Although the US economic situation will still keep high interest rates to restrain inflation, this will create strength for the USD, but the current geopolitical fluctuations in the world will still create conditions for gold prices to increase and volatility to occur. The gold became a safe place for him to hide
Looking at the 1D chart, we rely on the Elliot wave principle to analyze price movements
- Last week we saw a strong price increase and currently the price is clinging to the peak of 2433.
- At this point, it is still early to conclude whether correction wave 4 has completed or not.
- We have the price level that confirms the completion of wave 4 and the start of wave 5 at 2433.
- If next week the price breaks out through 2433 then we have confirmation that wave 4 has completed and the price is in rising wave 5 then we will measure 2 expected price targets for the end of wave 5 which is the 2500 area. and area 2550
- If the price cannot break the 2433 zone and turns down, then the price is still in correction wave 4 and at a smaller wave level, the price will complete wave b and will continue to complete wave c as shown on the chart.
- Then wave b is confirmed when the price breaks out through the 2280 area, then we will have the target to end wave c measured at the price range 2455 and 2211
Above is Deekop's plan for next week and the daily plan will be updated by Deekop every day
Scalping strategies are applied when the upper resistance - support area provides an entry signal.
Note: Sufficient TP, SL to be safe and win the market‼ ️Change data plan will be updated later.
Deekop's analysis is only a personal opinion with a desire to share its views with the community. I'm not always right. But my analysis always reflects my meticulous evaluation of what is best for an investment.
Financial freedom is true freedom.
Last week, we saw that the US economy also sent remarkable messages. For the first time, the number of applications for unemployment benefits decreased despite the softening of the labor market, this shows that the American people are gradually adapting to the current controlled economy, plus the CPI released last week has increased beyond expectations, this will create motivation for the Fed to continue maintaining high interest rates in the near future
Although the US economic situation will still keep high interest rates to restrain inflation, this will create strength for the USD, but the current geopolitical fluctuations in the world will still create conditions for gold prices to increase and volatility to occur. The gold became a safe place for him to hide
Looking at the 1D chart, we rely on the Elliot wave principle to analyze price movements
- Last week we saw a strong price increase and currently the price is clinging to the peak of 2433.
- At this point, it is still early to conclude whether correction wave 4 has completed or not.
- We have the price level that confirms the completion of wave 4 and the start of wave 5 at 2433.
- If next week the price breaks out through 2433 then we have confirmation that wave 4 has completed and the price is in rising wave 5 then we will measure 2 expected price targets for the end of wave 5 which is the 2500 area. and area 2550
- If the price cannot break the 2433 zone and turns down, then the price is still in correction wave 4 and at a smaller wave level, the price will complete wave b and will continue to complete wave c as shown on the chart.
- Then wave b is confirmed when the price breaks out through the 2280 area, then we will have the target to end wave c measured at the price range 2455 and 2211
Above is Deekop's plan for next week and the daily plan will be updated by Deekop every day
Scalping strategies are applied when the upper resistance - support area provides an entry signal.
Note: Sufficient TP, SL to be safe and win the market‼ ️Change data plan will be updated later.
Deekop's analysis is only a personal opinion with a desire to share its views with the community. I'm not always right. But my analysis always reflects my meticulous evaluation of what is best for an investment.
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