XAUUSD week 1 June 2024 US economy going down?
1. US Q1 GDP was revised down due to weak consumer spending.
3. Israel will not end the conflict to reach an agreement to release all hostages.
4. OPEC+ is working on a complex production cut agreement for the period 2024-2025.
5. US April pending home sales suffered the largest decline in three years.
With important information last week we see
- The US economy is under strong pressure from the Fed's tightening monetary policy.
- Besides, OPEC cutting oil production will push oil prices up and when oil prices increase, gold also increases.
- The continued escalation of the Israeli conflict will push gold prices higher.
Looking at H4 we see
- After news of PCE, gold price increased sharply then decreased, completely negating the previous increase and breaking 2323 stone.
- The 2323 price range was broken, invalidating our previous wave counting process with the expectation that the correction had ended. So with the 2323 price range being broken, the correction process is still continuing.
- So it is possible that the price will continue to complete the target of wave 5 at the price range 2317 and 2311.
- We have the 2465 zone which confirms wave 5 has completed when the price surpasses this zone
- Next week we will wait for the price reaction in these areas to conduct buying transactions.
Deekop's analysis is free from any personal bias intended to serve everyone. I can't always be right - no one can. But my analyzes reflect Deekop's meticulous assessment of the market situation in the medium and long term and nothing more to help people have the best trading plan.
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