Gold price adjusts below $2,300 next week

✍️ NOVA hello everyone, Let's comment on gold price next week from 4/29 - 5/3/2024

🔥 World situation:
Gold price falls as US inflation data exceeds expectations, dampening hopes of Fed rate cuts. Annual underlying inflation rises to 2.7% but slows from February's 2.8%. Monthly inflation in line with expectations. Positive for bond yields and USD.

🔥 Identify:
Gold price has formed the DOW theory and is in a FIBONACCY correction. Expect prices below $2,300 next week

🔥 Technically:
Based on the resistance and support areas of the gold price according to the H4 frame, NOVA identifies the important key areas as follows:

Resistance: $2400, $2430, $2455
Support : $2284, $2212


🔥 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

Trade active:

⭐️SET UP GOLD PRICE: 4/29/2024

BUY GOLD zone: $2302 - $2300 SL $2295
TP1: $2310
TP2: $2320
TP3: $2330

Pay attention to the scalping price range
BUY GOLD ZONE: 2315-2317 SL 2312
TP: 30 - 50 - 100 pips

SELL GOLD zone: $2353 - $2355 SL $2360
TP1: $2348
TP2: $2340
TP3: $2330