XAUUSD 10/11/2024 Will gold price drop further?
Looking at H1 we see
- The price has re-entered the 2624 zone, which is the bottom zone of wave W, so we have the necessary conditions to say that the correction trend has ended
- The sufficient condition for the trend to end is when the price breaks through the peak zone of wave X, which is the 2674 zone
- In the case when the price continues to go below the 2624 zone, we will have the correction trend has not ended because then the price is likely to continue to decrease to the next target zone, which is the 2591 zone and the 2571 zone
About the intraday trading plan
We rely on the Volumprofie zone to determine potential supply and demand zones
- In this price zone, we have two potential demand zones, the 2624 - 2621 price zone and the 2613 - 2610 price zone, which will be our BUY target
- We also have two major supply zones, the 2648 - 2651 zone and the zone 2670 - 2673 is the zone we use to SELL
Specific trading plan
SELL ZONE: 2648 - 2651
SL: 2643
TP1: 2637
TP2: 2624
SELL ZONE: 2670 - 2673
SL: 2680
TP 1: 2662
TP2: 2653
BUY ZONE 2624 - 2621
SL: 2619
TP1: 2637
TP2: 2653
BUY ZONE: 2613 - 2610
SL: 2603
TP1: 2624
TP2: 2637
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