XAUUSD 7/29/2024 Is the uptrend over?

Jul 29

Looking at H1, we can see that the corrective uptrend may have ended.

- The price will continue to move in a downtrend to complete the purple wave C as shown on the chart.
During the move to the target price zone of wave C, we see that at the 2374 treble line, this is the previous breakout price zone and has not been retested, so there is still a very strong demand force in this price zone.
- We expect the price to bounce back to the 2374 zone, so we will place a BUY order in this zone.

Trading plan
BUY ZONE: 2376 - 2373
SL: 2366
TP1: 2382
TP2: 2400
TP3: 2410

SELL ZONE: 2314 - 2417
SL: 2424
TP1: 2401
TP: 2382
TP3: 2365

Jul 30

Note

We have reached TP1 at 2382