Wait for the long-term BUY point after the recovery wave ends

May 29

Gold prices temporarily halted their recovery streak as the USD increased slightly, in addition to the FED's hawkish comments, and stronger-than-expected US economic data reduced expectations of a FED interest rate cut in September. This creates momentum for the USD to put pressure on gold.

On the other hand, geopolitical tensions and instability may promote gold buying as a safe haven, and banks' demand will continue to boost gold prices.

Gold is continuing to maintain the recovery of wave 4 in the elliot wave model, investors are waiting for a trendline break around 2350 to catch the SELL retest with the expectation that gold will fall to the support area of ​​2325 and 2305.

Our long-term BUY point is around 2305 when the recovery wave of the buying trend ends.


SELL price range 2370 - 2472 stoploss 2376
SELL price range 2386 - 2488 stoploss 2392

BUY price range 2324 - 2322 stoploss 2318
BUY price range 2305 - 2307 stoploss 2301

May 29

Note

GOLD break the trendline and retest trendline. SELL GOLD zone 2350

May 30

Trade active

Gold prices remain on the defensive ahead of US GDP data Gold prices traded in negative territory on Thursday, supported by a firmer US Dollar and higher US bond yields.

Diminishing expectations of a Federal Reserve interest rate cut in September caused some selling pressure on the precious metal as it would increase the opportunity cost of gold.

Gold is gradually moving towards 2305 to end wave 5 and begin a trend reversal

May 30

Note

BUY 2424-2322 + 100 pips ✔️✔️✔️✔️

May 31

Note