✍️ NOVA hello everyone, Let's comment on gold price next week from 18/3 - 22/3/2024
🔥 World situation: The price of gold declined from approximately $2,180 on Friday, experiencing consecutive sessions of losses as investors' expectations for the start of the US Federal Reserve's easing cycle were delayed due to robust US economic data. The higher-than-anticipated inflation numbers support Fed Chair Jerome Powell's statement to exercise patience and maintain the current monetary policy approach until the disinflation process progresses. Currently, the XAU/USD is trading at $2,157.66, reflecting a 0.20% decrease.
🔥 Identify: Next week will see information about the FOMC meeting to decide the Fed's upcoming interest rate.
Comment: Experts' expectations about the Golden Era are still very high, the time for FED's interest rate cuts is getting closer, and the belief in reduced inflation is growing. These are the motivating reasons for Gold prices to continue to increase
🔥 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: $2200, $2200 Support : $2125, $2100
🔥 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
Comment
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The second trading session is always the most stable of the week, mainly sideways