⭐️GOLDEN INFORMATION: On Friday, investors will pay close attention to the economic data coming out of China. It is predicted that the Consumer Price Index (CPI) for the nation will decrease by 0.4% compared to the previous year in December. Similarly, the Producer Price Index (PPI) is expected to drop by 2.6% year-on-year, down from the previous reading of 3.0%. If the data turns out to be weaker than expected, it could potentially have a negative impact on the price of gold, as China is one of the largest consumers of the precious metal worldwide. In addition, the US Producer Price Index (PPI) will also be released later in the day on Friday.
⭐️Personal comments NOVA: PPI prediction is quite positive for the dollar, Gold price is still sideways around the area below $2040, selling pressure is still trying to return to the $2000 area
⭐️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 price increased slightly during the European session, reaching the 2040 zone
Trade active
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Price is tending to break out of the 2040 sideway zone before the PPI news. Important price zone to determine the upcoming trend
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Price is moving towards the daily plan, let's wait for news of PPI setting up SELL 2053-2055
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+ 25 pips , nice
Signal SELL 2053-2055
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+ 60 pips , signal SELL 2053-2055
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US and Middle East war news directly affects Gold prices along with low data for PPI leading to a sharp increase in Gold prices
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The 2060 resistance zone became too much for the bulls. Prices have adjusted, but are still returning to the price increase cycle
Signal SELL 2053-2055