⭐️GOLDEN INFORMATION: The price of gold (XAU/USD) is facing difficulties in taking advantage of the rebound it experienced from the support level of the 100-hour Simple Moving Average (SMA) around the $2,166-2,165 range. Instead, it is declining during the Asian session on Friday. Despite the Federal Reserve's (Fed) policy update on Wednesday, investors are shifting their focus away from it as the US Dollar (USD) has shown a strong comeback due to optimism surrounding the growth of the US economy. This, coupled with the higher yields of US Treasury bonds and the prevailing risk-on sentiment, are the main factors causing downward pressure on the safe-haven precious metal.
⭐️Personal comments NOVA: Gold price after creating a new peak at $2222, decreased immediately then returned to the $2170 area. Currently, economic data is still supporting the dollar
Information, FED keeping interest rates unchanged and world political tensions are still the driving force for Gold prices to increase in the near future.
⭐️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
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Gold prices fall before Fed Chair Powell Speaks
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Gold price sideway around 2160 - 2170. tends to DOWN more
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Fed's Powell: The pandemic has had long-lasting effects on the economy.
Price XAU DECREASE
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Terrorism in Russia, a factor that can affect gold prices Increase in Monday trading session