XAUUSD trading plan for the week of June 4, 2024

23 Jun

So after Friday's sharp drop, we had a profit of 500 pips. This decrease also confirmed the completion of orange wave C in the ABC correction.
After the ABC correction is completed, we bet that the previous downtrend wave will continue.

- With Friday's decline, we see that the momentum has entered the oversold zone, showing that sellers are showing signs of exhaustion. So in the immediate future there will need to be a short-term correction for sellers to regain their strength.
- We measure that this decrease is likely to end at 2 price zones: 2309 or 2395.

- With the assumption that the price range ends at 2309, we measure the target of this temporary upward adjustment ending at 2340.
- Then the price continues to decrease to complete the big wave 5 at the target price areas that we measured before, which are 2256 and 2210.

- When does our wave counting process fail? That's when this rally price broke through the 2374 area, then confirmed that we have to do the wave count again, then I will update later if it happens.

- On the H4 chart, I have drawn important resistance and support zones, which we can rely on to plan Scalping when the price approaches these zones.
- I will update specific price developments every day.