XAUUSD 8/21/2024 has the price peaked?

٢١ أغسطس

Looking at H1, we see that yesterday the Gold price peaked at 2532, which is a new ATH, then the price dropped sharply to the 2501 area, so it is very likely that the price has completed the 5-wave structure 1 2 3 4 5 and now the price is entering the 3-wave ABC correction structure.

- The sharp drop to the 2501 area means that wave A is likely to have completed and so the price is in wave B

- Our expectation is that the end zones of wave B are at 2521 - 2524. And the end target of wave C is at the price zones 2487 - 2484 and the price zone 2476 - 2473. These are our trading target price zones.

Trading Plan
SELL ZONE: 2521 - 2524
SL: 2531
TP1: 2509
TP2: 2499
TP3: 2487

SELL ZONE: 2531 - 2534
SL: 2541
TP1: 2519
TP2: 2509
TP3: 2499

BUY ZONE: 2487 - 2484
SL: 2477
TP1: 2499
TP2: 2509
TP3: 2519

BUY ZONE: 2476 - 2473
SL: 2466
TP1: 2484
TP2: 2499
TP3: 2509