Xauusd after a series of important news from the Fed
Yesterday's news announced to us
First, the ppi decrease combined with the unemployment benefits application index increased. Combined with a decrease in CPI, this is beneficial for Gold to increase because the economic situation seems to be weakening, putting pressure on the Fed to reduce interest rates. However, Nonfarm data, specifically the employment index, has increased sharply in the recent period, which is the motivation for the Fed to keep the current interest rate at 5.9%. This is the reason why PPI news, although beneficial for Gold, cannot last long.
Look at H1
- We are having the idea of an abc correction model. In which we expect wave c to complete
- In front of us we have 2 important price zones: 2307 and 2287, these are 2 price zones that help us determine the direction of the price.
- If the price breaks out at 2307, this is a necessary condition for the orange wave c to complete. Then we have 2 target price zones of wave c: 2350.4 and 2364.6. These are 2 areas where we can look for Sell orders
- If the price breaks out below 2287, this is a necessary condition for the price to fall to the target zone of wave 5, which is 2264. This is the area where we look for a Buy order.
Komen:
The price is moving in our predicted direction. Currently we have the resistance zone 2323. If the price breaks out through this zone and tests again, we have a buy scalp order at this price zone.
Komen:
