XAUUSD June 18, 2024 a potential sharp decline
Gold prices are recovering after last week's sell-off as the US economy forced the Fed to adopt a more dovish stance. Weak manufacturer inflation data and a rise in initial jobless claims supported lower interest rates. Additionally, escalating geopolitical tensions, such as increased attacks by Hezbollah on Israel and more Russian warships in the Caribbean, have contributed to this rebound.
Looking at the adjustment process from June 8 to the present time, we can see that this is a complicated adjustment process.
- Trading in a complex correction is not recommended. We watch for this adjustment process to complete
- During this process we can scalp in short price ranges in smaller frames.
- When the price reaches the expected targets, we will consider placing an order.
Looking at H1, we see that the wave C correction process is still continuing. We observe the price reaching the target price zones 2350 and 2356.
- The price will confirm the target areas of wave C when it breaks out of the 2341.8 area, then we focus on observing the chart to find a Sell order.
- In case the price breaks out of the 2296 price range, it is likely that the adjustment process has been completed and if the price also breaks out of the 2287 area, then the target price area for wave 5 is 2256 and 2210 will be the areas we focus on. closely to find Buy orders.
Looking at the adjustment process from June 8 to the present time, we can see that this is a complicated adjustment process.
- Trading in a complex correction is not recommended. We watch for this adjustment process to complete
- During this process we can scalp in short price ranges in smaller frames.
- When the price reaches the expected targets, we will consider placing an order.
Looking at H1, we see that the wave C correction process is still continuing. We observe the price reaching the target price zones 2350 and 2356.
- The price will confirm the target areas of wave C when it breaks out of the 2341.8 area, then we focus on observing the chart to find a Sell order.
- In case the price breaks out of the 2296 price range, it is likely that the adjustment process has been completed and if the price also breaks out of the 2287 area, then the target price area for wave 5 is 2256 and 2210 will be the areas we focus on. closely to find Buy orders.
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Full TP
