XAUUSD Trading plan for the week of May 4, 2024

26 thg 5

Looking at chart D, we see that with the current price level, the candle has not yet closed above 2430, so we will have 2 plans for next week.

Last week we saw
Information that the Fed still has no plans to cut interest rates and even extends the expected time to reduce interest rates is continuously given by Fed officials. This creates concern that the USD will not weaken, so in the weekend sessions, gold price had a strong adjustment from 2450 to 2332 in the last 2 sessions of the week.

This week we pay attention to two important news: Prelim GDP q/q, Unemployment Claims and Core PCE Price Index m/m
With the forecast decrease in GDP and increase in Unemployment Claims, it is showing the consequences of the tightening economy. Besides, the news of Core PCE Price Index m/m decreasing is a very good sign to help the Fed have monetary plans. currency to run a stable economic development. But we still have to wait for the actual data to be released and it will affect the trend this week.

Looking at chart D, we see that with the current price level, the candle has not yet closed above 2430, so we will have 2 plans for next week.

First plan
- According to the Elliot principle, wave 4 has completed and now the gold price is in wave 5 and this wave 5 is confirmed when the candle closes above 2430.
- Wave 5 will include 5 small waves i ii iii iv v
- Currently, the price correction last weekend has completed wave i and is preparing to complete wave ii to start wave iii
- Looking at the Weekly frame momentum indicator, this indicator has reversed in the oversold area combined with the daily frame momentum as shown on the chart, we see that the momentum has approached the oversold area, signaling that the downward price momentum has weakened.
So our trading plan for next week is to go to the H1 area to find candlestick reversal signals to Buy at this price range of 2334.

Second backup plan
- If the price continues to decline and breaks out through the 2278 area, we will use this backup plan
- At that time, the price continues to complete wave c in the corrective wave abc
- We have measured the target of ending wave C at area 2211
- Then our trading plan waits for the price to reach this target area and then we enter H1 to look for reversal signals at the 2211 price range to buy up.

Note: Sufficient TP, SL to be safe and win the market‼ ️Change data plan will be updated later.

Deekop's analysis is only a personal opinion with a desire to share its views with the community. I'm not always right. But my analysis always reflects my meticulous evaluation of what is best for an investment.