XAUUSD 6/8/2024 Is this rally over?

6 Agu

This past week we have seen a lot of volatile news that has affected the direction of gold prices
With the unstable geopolitical situation causing large fluctuations in gold prices
- Looking at H1 we see a completed ABC corrective wave structure. Following an ABC corrective structure we expect a 5 wave bullish structure. Obviously not excluding the possibility of a complex correction wave then I will update if it happens
- Currently we expect a bearish correction to confirm wave 1 and wave 2 completed and wave 1 and 2 confirmed when price closes above 2365.6
- This current correction we expect a yellow abc wave pattern and target at 2385 price zone or 2377anh price zone

Trading plan
BUY ZONE: 2385 - 2382
SL 2363
TP1: 2393
TP2: 2404
TP3: 2418

SELL ZONE: 2421 - 2424
SL: 2447
TP1: 2408
TP2: 2396
TP3: 2385