XAUUSD : Buy or Sell ?

Last week, the market had access to a plethora of US economic data, including the FOMC interest rate decisions, non-farm payroll reports, and service sector production data. These reports all indicated that the Fed would maintain the current USD interest rates. The reduced expectations for a rate cut in June meant that gold had to continue its adjustment process.

Additionally, the situation in the Middle East has not seen sudden fluctuations, thus not providing enough impetus for significant gold price movements. This week, it's highly likely that gold prices will continue to adjust in the short term.

The gold buying situation among BRICS central banks remains unchanged, and there's no immediate resolution to global political instability. Consequently, the long-term outlook for gold prices continues to trend upward.

Looking at the H1 chart, we can temporarily label waves 1, 2, 3, 4, 5. Currently, we see wave 4 nearing completion, with wave 5 to follow, ending wave 4. The area around 2315 marks the invalidation point of this wave, with confirmation when prices surpass 2307.

Trading Plan:

Keep an eye on two good selling price areas: 2336 and 2346.
A good buying area is around 2307.

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