XAUUSD June 12, 2024 everyone waiting for the CPI round
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Last week we had strong market fluctuations
- Looking from the US economic perspective, we see that with the economic indicators announced last week, we see a number of important issues.
- ISM PMI index, which is an index measuring the development of the industry, is lower than 50 standard units of this index, signaling that the industry is slowing down.
- The unemployment rate and the number of applications for unemployment benefits increased, showing that the economic situation is slowing down
With bad economic signals, the main reason is due to high interest rates, which reduces the cash flow in the US economy, causing a lack of capital for economic development.
However, on Friday when the Nonfarm index was released, we saw a sharp increase in the job change rate, which could be the medicine to help the Fed maintain high interest rates for a while longer.
Curbing inflation to 2% will come at the cost of economic stagnation, so today's CPI will help us have a clearer view of the decision to cut interest rates in the near future. .
From an analytical perspective according to Elliot
- After forming the abc wave structure (black), the price does not decrease according to the previous trend but forms a structure running in a triangle wedge. This brings us to a complex adjustment model abcde
- Looking at the complex correction model, it is difficult to specifically identify each wave. We can only recognize when the model is complete
- This pattern is confirmed when the price breaks out of the lower boundary of the triangle. We will wait for this Breakout to enter a sell order.
- In case the price breaks out to the upper edge, this correction model is no longer correct when measuring, we must confirm the price model at that time.
After wave 4 completes, the price continues to follow the previous downtrend to complete wave 5
- We have wave 5 targets at 2 price zones 2264 and 2229.
- We can find buy points in these areas.
Deekop's analysis is free from any personal bias intended to serve everyone. I can't always be right - no one can. But my analyzes reflect Deekop's meticulous assessment of the market situation in the medium and long term and nothing more to help people have the best trading plan.
- Looking from the US economic perspective, we see that with the economic indicators announced last week, we see a number of important issues.
- ISM PMI index, which is an index measuring the development of the industry, is lower than 50 standard units of this index, signaling that the industry is slowing down.
- The unemployment rate and the number of applications for unemployment benefits increased, showing that the economic situation is slowing down
With bad economic signals, the main reason is due to high interest rates, which reduces the cash flow in the US economy, causing a lack of capital for economic development.
However, on Friday when the Nonfarm index was released, we saw a sharp increase in the job change rate, which could be the medicine to help the Fed maintain high interest rates for a while longer.
Curbing inflation to 2% will come at the cost of economic stagnation, so today's CPI will help us have a clearer view of the decision to cut interest rates in the near future. .
From an analytical perspective according to Elliot
- After forming the abc wave structure (black), the price does not decrease according to the previous trend but forms a structure running in a triangle wedge. This brings us to a complex adjustment model abcde
- Looking at the complex correction model, it is difficult to specifically identify each wave. We can only recognize when the model is complete
- This pattern is confirmed when the price breaks out of the lower boundary of the triangle. We will wait for this Breakout to enter a sell order.
- In case the price breaks out to the upper edge, this correction model is no longer correct when measuring, we must confirm the price model at that time.
After wave 4 completes, the price continues to follow the previous downtrend to complete wave 5
- We have wave 5 targets at 2 price zones 2264 and 2229.
- We can find buy points in these areas.
Deekop's analysis is free from any personal bias intended to serve everyone. I can't always be right - no one can. But my analyzes reflect Deekop's meticulous assessment of the market situation in the medium and long term and nothing more to help people have the best trading plan.
Nota
Gold today seems to be running sideways in a small amplitude waiting for the CPI news at 7:30 p.m. tonight
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