XAUUSD End of Month Correction and Future Targets
I hope you guys enjoyed my previous Ideas about gold :-) Here is what I think today about it:
1- The targets from my previous analysis (related ideas) have been achieved, now we need a daily or at least a H4 candle starting below 1709 level to see 1680 again.
2- Upper targets include a corrective wave to 1739-65 if we break higher than 1730. If we break higher than 1765 here, we will recognize it to be a bullish reversal and see 1800's as a target. Unless we are above 1765, we will consider it correction to move lower. But I am fairly skeptic to see a bullish reversal in near future owing to the response of the federal reserve to the inflation hike.
3- Considering the selling pressure, I have the opinion we will go lower but I would like to recommend you guys wait for 1709 to break.
1- The targets from my previous analysis (related ideas) have been achieved, now we need a daily or at least a H4 candle starting below 1709 level to see 1680 again.
2- Upper targets include a corrective wave to 1739-65 if we break higher than 1730. If we break higher than 1765 here, we will recognize it to be a bullish reversal and see 1800's as a target. Unless we are above 1765, we will consider it correction to move lower. But I am fairly skeptic to see a bullish reversal in near future owing to the response of the federal reserve to the inflation hike.
3- Considering the selling pressure, I have the opinion we will go lower but I would like to recommend you guys wait for 1709 to break.
Trade closed: target reached:
The target has been achieved for now, we are blinded by the decision of the market about that yellow box target region at the moment. Will continue to update you guys as we reach a conclusion :-)
