✍️ NOVA hello everyone, Let's comment on gold price next week from 1/4 - 5/4/2024
🔥 World situation: The price of gold hits all-time highs near $2,230 per ounce, aiming for a fifth consecutive session of gains on Friday. Trading volumes are low due to Good Friday observance. The allure of gold is attracting buyers as market sentiment suggests that major central banks will start cutting interest rates this year. Investors have confidence in gold and anticipate three rate cuts from the US Federal Reserve in the coming months, according to Chicago Fed President Austan Goolsbee, who leans toward a dovish stance. Goolsbee emphasizes the need for more evidence of inflation subsiding before taking action.
🔥 Identify: Gold Prices Despite Key Economic Data Good for the Dollar, Rising and Reaching All-Time Highs. FOMO and the tense world situation are the main driving forces to help Gold prices continue to increase in the near future
🔥 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: $2238, $2260, $2300 Support : $2210, $2195, $2157
🔥 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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The new weekly target is all about $2300
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Gold prices continue to increase, creating the highest price of all time, the support for Gold 2300 is huge