XAU/USD 01.12.24
XAUUSD Hello Traders,
For the upcoming week, I am expecting one final move to the downside. We are currently in a 1-2-3-4-5 setup to the upside. From my perspective, we have likely already seen our wave 4 low. It's also possible that we have completed wave 1 of the larger wave (4).
At this stage, I anticipate an ABC correction to the downside before resuming higher prices. My target area for this correction is between 2575 and 2570. This zone is where I will look for bullish momentum and consider entering a long position.
Stay focused and watch this level closely!
Trade active
We need to break under 2622. If we gain to much bullish momentum around 2622, I would take half out. For information the trade is at the moment 140 pips in plus.
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.