✍️ NOVA hello everyone, Let's comment on gold price next week from 19/2 - 23/2/2024
🔥 World situation: In the meantime, there were updates from Federal Reserve officials, specifically Atlanta's Fed President Raphael Bostic and San Francisco Fed President Mary Daly. Bostic emphasized the need for patience and predicted that there could be two rate cuts in the summer if the data supports it. Daly acknowledged that there is work to be done and cautioned against acting hastily when patience is required, instead advocating for agility in response to the evolving economy.
Both officials recognized that inflation is trending downward but remain cautious about the timing of implementing policy easing.
Considering the underlying factors, the price of Gold would be influenced by the outlook of the US economy. An increase in inflation could lead to a rise in US Treasury bond yields, resulting in further downside for XAU/USD. On the other hand, if inflation continues to align with the Fed's 2% target, this could create an opportunity for rate cuts, which would impact the appeal of the Greenback. Consequently, the upside potential for XAU/USD is anticipated.
🔥 Identify: The slight recovery this week has helped Gold prices return to above $2010. But still within the bearish trendline. Selling pressure next week will continue to weigh on Gold prices
🔥 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: $2037, $2053 Support : $1987, $1974
🔥 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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Monday bank holiday, there are not many factors affecting the price of Gold
has to to come down. it hit a key resistance level at 2015 and this upward move was a retest of the previous break of structure caused by cpi news. only makes sense to continue downwards. alot of people are speculating continuation up but I don't believe it!
Nova-Scalper
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Hello everyone, what do you think about the Gold price next week, will it continue to decrease or will it break out and increase again?
faizjaghori
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I think you are wrong because dxy manipulation over
Nova-Scalper
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@faizjaghori, Thanks for your contribution, NOVA will pay attention to DXY
Indonesia1945
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correct, before long will be taken.
williamsafdary
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Next week all uptrend don’t worry you understand that