⭐️GOLDEN INFORMATION: The price of gold (XAU/USD) is continuing to increase after a strong recovery from the 50-day Simple Moving Average (SMA), which was around the $1,973 mark. This recovery comes after a three-week low and the positive momentum has carried over into Thursday. The Federal Reserve (Fed) announced on Wednesday that they have no plans to raise interest rates and their "dot plot" indicates three 25 basis points (bps) rate cuts in 2024. Additionally, policymakers believe that inflation will reach the Fed's target of 2% without a recession. This dovish stance has caused a significant drop in US Treasury bond yields and has put pressure on the US Dollar (USD), which in turn has boosted the value of gold.
⭐️Personal comments NOVA: After yesterday's FOMC meeting, the decision to keep the old interest rate unchanged and reduce the next round has created very good news for Gold. The scholarship market will flourish again at the end of 2023.
⭐️Technical analysis: Based on technical indicators EMA 34, EMA89 and support resistance areas to set up a reasonable BUY 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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During the Asian session, prices still accumulate in the 2035-2040 area, waiting for more motivation
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The price touched the 2040 resistance zone again, showing determination to break but still not successful. Buying force is still very strong
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The possibility and opportunity for Gold to continue to increase and break through the 2040 Resistance Zone is huge. Let's wait for Unemployment Claims news today
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Price has surpassed the 2040 resistance zone. Although the news is good for the Dollar, market optimism helps Gold prices continue to rise