XAU/EUR Trading Analysis (05/06/2024)

Bears have tested the support level of 2129.50. The downward wave structure is truncated. There is the bullish divergence on the Awesome Oscillator, and the moving averages of the Stochastic Oscillator are out of the oversold zone. The sloping channel of the downward wave structure is breached.

Trading idea:

Buy when the formation of the ascending wave structure begins, when the wave A breaches the sloping channel of the downward truncated structure.

Stop-Loss at 2129.50.

Target price levels at 2176.35 and 2238.50.

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