⭐️GOLDEN INFORMATION: The price of gold (XAU/USD) is still struggling to gain momentum and remains within a limited range, staying above the $2,150 level as we head into the European session on Wednesday. Speculation has been fueled by strong US consumer and producer inflation data released last week, suggesting that the Federal Reserve (Fed) will maintain its stance of keeping interest rates higher for a longer period. As a result, US Treasury bond yields remain elevated, which continues to support the US Dollar (USD) and puts pressure on gold, which does not provide any significant boost due to its lack of yield.
⭐️Personal comments NOVA: Interest rate information is very important today, a lot of previous information showed that interest rates will continue to stay the same
The US economy needs more time to reduce inflation, which is the factor pushing Gold prices to DOWN, facing huge buying pressure from the beginning of 2024.
⭐️Technical analysis: Based on technical indicators EMA 34, EMA89 and support resistance areas to set up a reasonable SELL order.
⭐️NOTE: Note: Nova wishes traders to manage their capital well - take the number of lots that match your capital - Takeprofit equal to 4-6% of capital account - Stoplose equal to 2-3% of capital account - The winner is the one who sticks with the market the longest
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Gold price dropped around $2,155 before today's FOMC meeting
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Gold price decreased around the $2,150 support zone before interest rate information
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Sideway around 2150, Gold price is strongly supported
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30 minutes: interest rate information is announced. Gold price waits for FOMC decision