XAUUSD June 5, 2024 Yesterday's decline has ended

5 Haz

With the PMI being lower than expected at only 48.7 compared to 49.2 in the previous period, if this index is lower than 50, it signals that the expansion of industrial production scale is shrinking. With this index being lower than 50 for two consecutive periods, especially this period being lower than the previous period, it is a sign that the US economy is showing signs of stagnation. The main impact is that interest rates remain high for a long time, making it difficult for people and businesses to access capital. This continues to be a sign for the Fed to decide to cut interest rates in the near future.

Looking at H1 we see
- After the increase on the 3rd, the price touched the target of wave 5, we expected that wave 5 would have ended and the price would begin to continue a new uptrend. At that time, we also said that to confirm that wave 5 has ended, the minimum condition is that the price must break the 2464 zone.
- As of yesterday, the price had dropped back to the target wave 5 area that we measured before. This signals that wave 5 could be a diagonal triangle pattern according to the Elliot principle.
- So from H1 in the diagonal triangle model, the price has now reached the end of wave 5 in this diagonal triangle.
- We focus on the wave 5 target areas at 2317 and 2311 to buy.
- Or safer, we wait for the price to break the upper level of the diagonal triangle and wait for confirmation to proceed with buying.

5 Haz

Not

The price has dropped sharply so we continue to observe and wait in the target areas

5 Haz

Not