XAUUSD 15/8/2024 Has the uptrend started?

15 Agu

Yesterday's CPI news showed a sharp increase in price when it was announced and then a sharp decrease. This is a move to shake off the sellers so that the price can complete wave C.

- The sharp decrease in wave C is still, in my opinion, the final shakeout before the price starts to increase to complete wave 5

I predict that this week the price will likely create a new ATH followed by a further correction.

- The wave 4 target I set yesterday has been completed at the price range of 2442 to 2445. With a Buy order at this price range, we have a profit of 100 pips. You can close a part of it and raise the SL to Entry. I have a backup target at 2430 - 2427 we will look at this target if price breaks out 2439
- I see a big supply zone at 2468 - 2471 so I will set a Sell scalp target at this zone
- Our main Sell target is the end of wave 5 now I am targeting the first wave 5 target which is 2500.

Trading Plan
BUY ZONE: 2430 -2427
SL: 2420
TP1: 2439
TP2: 2458
TP3: 2476

SELL ZONE: 2468 - 2471
SL: 2478
TP1: 2458
TP2: 2452
TP3: 2444

SELL ZONE: 2497 - 2500 SL: 2597 TP1: 2484 TP2: 2476 TP3: 2458