XAUUSD 09/24 – Scenario after the Fed's Key SpeechXAUUSD 09/24 – Scenario after the Fed's Key Speech
Hello everyone,
Gold continues its consecutive upward momentum in recent sessions. Yesterday, the price touched the 1.618 Fibonacci level on the H4 chart and then pulled back, indicating a slight rejection right after the PMI news.
Technical Perspective
The Wolfe Waves structure remains intact, not yet broken.
If the price returns inside the trendline, the signal confirming the Wolfe pattern will become clearer.
Current key resistance zone: 3790 – 3825, coinciding with the 361.8 Fibonacci.
Noteworthy short-term support zone: 3650 – 3647.
Fundamental Perspective
In yesterday's speech, Chairman Powell emphasized: “If monetary policy is loosened too quickly, efforts to curb inflation will fail.”
This indicates that the Fed continues to prioritize price stability over the market's expectations for rate cuts. This is a factor to consider when trading gold in the current phase.
Today's Trading Scenario
Sell Setup
Entry: 3825 – 3827
SL: 3833
TP: 3810 – 3790 – 3768 – 3755
Buy Setup
Entry: 3650 – 3647
SL: 3642
TP: 3672 – 3688 – 3695 – 3710 – 3750
Summary
In the short term, gold is in a correction phase after hitting resistance. Prioritize observing signals around 3790 – 3825 to find Sell opportunities, while the 3650 zone is a notable buying point for a recovery scenario.
This is today's XAUUSD trading scenario according to the Wolfe Waves pattern. You can refer and adjust according to your personal strategy.
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Wishing you successful trading!
