XAUUSD May 21, 2024 Will the price continue to increase?
Updated
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The war between Russia and Ukraine has not yet found a voice at the negotiating table, plus President Putin's recent visit to China further shows that Russia will not make concessions to Nato. And recently both Russia and Ukraine rejected the French president's call for a ceasefire during the Olympics in Paris on May 17. These moves further demonstrate tensions in the geopolitical situation
The US economy, after a long period of maintaining high interest rates to control inflation, has led to a situation where the economy is showing signs of weakening, although it is not yet in a recession, but with the leading economic index falling. of the US fell 0.6% MoM in April following an uncontrolled 0.3% decline in March. Weaker consumer outlook on business conditions, weaker new orders , negative interest rate differentials and falling new construction permits fueled April's decline. It suggests weaker US economic conditions going forward.
With such potential risks, Gold will continue to set new ATHs until the above conditions are resolved.
Use the Elliot wave principle to evaluate the situation on the H1 chart
- Yesterday gold created a new ATH at 2450, this is the target area of wave 5 that we launched.
- Then the price dropped to 2408 and recovered slightly to 2436, so we have the current gold price in the ABC correction wave.
- Looking at H1, we see that wave a and wave b are likely to have completed and currently the gold price is completing wave c of the correction.
- The expected price range of wave c has 2 target areas: area 2397 and area 2381, this is the target for the end of wave c.
Plan to trade when the price approaches the 2397 or 2381 zone
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.
The war between Russia and Ukraine has not yet found a voice at the negotiating table, plus President Putin's recent visit to China further shows that Russia will not make concessions to Nato. And recently both Russia and Ukraine rejected the French president's call for a ceasefire during the Olympics in Paris on May 17. These moves further demonstrate tensions in the geopolitical situation
The US economy, after a long period of maintaining high interest rates to control inflation, has led to a situation where the economy is showing signs of weakening, although it is not yet in a recession, but with the leading economic index falling. of the US fell 0.6% MoM in April following an uncontrolled 0.3% decline in March. Weaker consumer outlook on business conditions, weaker new orders , negative interest rate differentials and falling new construction permits fueled April's decline. It suggests weaker US economic conditions going forward.
With such potential risks, Gold will continue to set new ATHs until the above conditions are resolved.
Use the Elliot wave principle to evaluate the situation on the H1 chart
- Yesterday gold created a new ATH at 2450, this is the target area of wave 5 that we launched.
- Then the price dropped to 2408 and recovered slightly to 2436, so we have the current gold price in the ABC correction wave.
- Looking at H1, we see that wave a and wave b are likely to have completed and currently the gold price is completing wave c of the correction.
- The expected price range of wave c has 2 target areas: area 2397 and area 2381, this is the target for the end of wave c.
Plan to trade when the price approaches the 2397 or 2381 zone
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.
Note
Note
Note
The price is creating new peaks lower than the old peak, so we expect a shakeout before the price increases
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