⭐️GOLDEN INFORMATION: The price of gold (XAU/USD) is showing a positive trend at the start of the week and maintains its modest gains during the European trading session. However, there is a lack of sustained buying momentum. Last week, the Federal Reserve (Fed) indicated an end to its tightening of monetary policy and projected a total of 75 basis points (bps) in rate cuts by 2024. This limits the upside potential for the US Dollar (USD), which had rebounded from a four-month low on Friday, and serves as a supporting factor for the commodity. Additionally, concerns over geopolitical risks and fears of a deeper economic downturn, particularly in China and the Eurozone, contribute to the demand for the safe-haven precious metal.
⭐️Personal comments NOVA: the stability of Gold price today, above the $2020 zone. Technical models H1, H4 still show a cumulative sideway trend
⭐️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 moving towards the SELL 2030-2032 entry area, waiting for the entry to be matched
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The price moves in a narrow price range from 2020 to 2030. Need new motivation by the end of 2023