⭐️GOLDEN INFORMATION: The price of gold (XAU/USD) has entered a phase of bullish consolidation on Wednesday, as it trades within a narrow range just below the weekly high reached the day before. Several officials from the Federal Reserve (Fed) have recently attempted to delay market expectations of early interest rate cuts in 2024. In addition to this, a slight increase in the value of the US Dollar (USD) and the prevailing risk-on sentiment are acting as obstacles for the safe-haven precious metal.
⭐️Personal comments NOVA: Continue waiting for opportunities for Gold to continue to increase today
⭐️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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The price is going in the right direction, the price line is running today. The price will decrease, waiting for it to return to the BUY entry area as planned
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Prices are still compressed, still with a wider amplitude than 2020-2040
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Expect a bullish cycle breakthrough ending in 2023
at this point, is it still going down or going up?