XAUUSD on May 23 2024 fluctuated strongly after the Fed meeting?
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Yesterday the Fed meeting with its published content showed
- The data shows that commodity prices have increased significantly recently, which indicates that inflation is increasing.
- Fed says inflation may take longer to fall
- The current federal funds rate is enough to slow US economic activity and reduce inflation
With such announcements, it appears that the prospect of interest rate cuts expected by the Fed this year may be changed.
When this information was announced yesterday, it immediately pushed gold prices down sharply yesterday session to 2370.
Look at H1
- Wave c is the last corrective wave of the abc corrective wave, the structure of wave c includes 5 small waves
- The strong and sharp price decrease last night can be said to be wave 3 in wave c being formed.
- We expect that the expected target of wave 3 is level 2365 and level 2345
- Then there could be a small correction to complete wave 4 before continuing to complete wave 5 as well as wave c of the correction.
- We observe the formation of wave 4 ending to determine the target of wave 5 as well as wave c of the correction
Trading plan
We continue to observe the completion of wave 3 and wait for the end of wave 4 to determine the target of wave 5 to buy.
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.
Yesterday the Fed meeting with its published content showed
- The data shows that commodity prices have increased significantly recently, which indicates that inflation is increasing.
- Fed says inflation may take longer to fall
- The current federal funds rate is enough to slow US economic activity and reduce inflation
With such announcements, it appears that the prospect of interest rate cuts expected by the Fed this year may be changed.
When this information was announced yesterday, it immediately pushed gold prices down sharply yesterday session to 2370.
Look at H1
- Wave c is the last corrective wave of the abc corrective wave, the structure of wave c includes 5 small waves
- The strong and sharp price decrease last night can be said to be wave 3 in wave c being formed.
- We expect that the expected target of wave 3 is level 2365 and level 2345
- Then there could be a small correction to complete wave 4 before continuing to complete wave 5 as well as wave c of the correction.
- We observe the formation of wave 4 ending to determine the target of wave 5 as well as wave c of the correction
Trading plan
We continue to observe the completion of wave 3 and wait for the end of wave 4 to determine the target of wave 5 to buy.
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.
Comment:
After today's 2-day decline, we expect the 5 waves of wave C to be completed. We wait for confirmation of the uptrend to enter a buy order.
