Gold's DOWN cycle continues !! 1/9/2024

⭐️Smart investment, Strong finance

⭐️GOLDEN INFORMATION:
The price of gold (XAU/USD) is rebounding slightly below the mid-$2,000s in the early Asian session on Tuesday. There is a chance that the US Federal Reserve (Fed) will prolong its cautious approach, which could lead to some selling pressure on gold in the short term. However, gold traders will primarily look to the US Consumer Price Index (CPI) on Thursday for new inspiration. Currently, the gold price is trading around $2,030, up 0.14% for the day.

⭐️Personal comments NOVA:
The downtrend is even more obvious, with the actions of some funds taking profits on Gold above the $2000 price range. Gold continues to suffer negative impacts in early 2024

⭐️SET UP GOLD PRICE:

🔥BUY GOLD zone: $2000 - $2002 SL $1992
TP1: $2010
TP2: $2020
TP3: $2030

🔥SELL GOLD zone: $2048 - $2050 SL $2055
TP1: $2040
TP2: $2025
TP3: $2017

⭐️Technical analysis:
Based on technical indicators EMA 34, EMA89 and support resistance areas to set up a reasonable SELL 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

Comment:

Price continues to sideways below the 2040 area, needing greater motivation from CPI and PMI news at the end of the week

Comment:

The European trading session has not had too many fluctuations today, the price is still sideways below the 2040 area

Comment:

Gold price focuses on fluctuating around the area below 2040. There has not been much change in volume

Comment:

Continuing selling pressure, Gold price dropped below the 2030 area. Continue to wait sideways for PPI news...