21/11/24 - Gold targeting at least 50% correction

OANDA:XAUUSD   Gold Spot / U.S. Dollar
Hi trader,

please see my current idea on Gold . I think we are done with our bearish impulse, due to our 5 wave structure and this big divergence on the RSI .
A 50-61.8% Fib retrace is the conclusion and our profit areas.

DXY should be weaker now. This is because of FED's released its minutes. What I have read in the paper is, that the FED is generally going to increase rates sooner depending on the inflationary environment. This news is nothing new for investors, since the increasing of rates is the only possible way to hold inflation under control. However, I think this news is already priced in the Dollar Index .

Have a great evening,

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