XAU ! 10/28 ! sideway move in trendlineXAU / USD trend forecast October 28, 2024
Gold price (XAU/USD) starts the new week with a slight bearish gap, unable to sustain Friday’s gains near $2,750. Persistent USD strength, supported by rising US Treasury yields and expectations of smaller Fed rate cuts, puts pressure on the metal. A positive risk sentiment also adds to the downward pull.
However, safe-haven demand from Middle East tensions and US election uncertainty limits further downside for gold. Traders may remain cautious and hold off on strong bearish positions ahead of key US data this week, including Q3 GDP, the PCE Price Index, and the Nonfarm Payrolls report.
On Monday, gold price moved sideways within 2 trendlines, waiting for NF news fluctuations this week.
/// SELL XAU : zone 2743-2746
SL: 2751
TP: 50 - 200 - 300 pips (2716)
Safe and profitable trading
Shortgold
Gold's next probable direction & a safe zone for a Buy entry
I am also starting to see some downturn in Gold and Silver prices, mostly from momentum indicators which simply can't sustain the bullish momentum session after session.
But I don't think its a big correction, only 4% down from the current Gold price, this is a Fib level of support for price but this Fib level also coincides (ties-in) with recent market structure support.
Down below I will give some details of a Gold short I took today in Asia Friday and about 1 hour ago. Interestingly, the Gold price started to slightly sell off Lol, as if I am the only Gold-trader today in the Asia region.
Continue short-term correction 2709 ! XAU⭐️Smart investment, Strong finance
⭐️GOLDEN INFORMATION:
Gold prices (XAU/USD) dipped during the Asian session on Friday, reversing part of the previous day's gains but staying within the week's trading range. With less than two weeks to the November 5 US presidential election, polls indicate a close race, adding political uncertainty. Combined with tensions in the Middle East, this uncertainty supports demand for gold as a safe-haven asset.
However, the impact is tempered by renewed US Dollar (USD) strength, driven by expectations that the Federal Reserve (Fed) will take a cautious approach to easing policy. Recent US economic data has shown resilience, reducing the likelihood of a large rate cut in November, which supports the USD and pressures gold prices.
⭐️Personal comments NOVA:
H1 frame continues to adjust slightly downward - expected price range 2709 - 2680 for seller liquidity
⭐️SET UP GOLD PRICE:
🔥SELL GOLD zone: $2750 - $2752 SL $2758
TP1: $2740
TP2: $2730
TP3: $2720
🔥BUY GOLD zone: $2709 - $2711 SL $2704
TP1: $2718
TP2: $2730
TP3: $2740
⭐️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
Bearish pattern - XAU correction ! 2700⭐️Smart investment, Strong finance
⭐️GOLDEN INFORMATION:
Gold prices are recovering part of Wednesday’s decline from the record high of $2,759 early Thursday. The rebound is supported by a pause in the US Dollar's rise, as US Treasury bond yields stabilize ahead of the preliminary S&P Global US PMI data.
Gold is now awaiting the US PMI data for further direction. The slight pullback in the USD and yields is likely due to improving market sentiment in Asia after Wall Street's tech sell-off. US equity futures are also recovering, helped by Tesla Inc.’s positive earnings report, which provided some relief to investors.
⭐️Personal comments NOVA:
A HEAD AND SHOULDERS model is forming, long-term H2 frame RSI bearish divergence. Expect gold's correction to approach 2700 - 2680
⭐️SET UP GOLD PRICE:
🔥SELL GOLD zone: $2763 - $2765 SL $2770
TP1: $2755
TP2: $2747
TP3: $2740
🔥SELL GOLD zone: $2739 - $2741 SL $2744 scalping
TP1: $2735
TP2: $2730
TP3: $2720
Note the support zone: 2680
🔥BUY GOLD zone: $2701 - $2703 SL $2696
TP1: $2710
TP2: $2718
TP3: $2725
⭐️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
10/15 ! XAU continue SIDEWAY over $2640XAU / USD trend forecast October 15, 2024
Gold prices pulled back after reaching a daily high of $2,666 on Monday, as China’s stimulus measures failed to lift markets and the US Dollar continued to strengthen. XAU/USD is trading around $2,650, down 0.26%.
Weekend data showed China’s economy facing deflationary pressures, jeopardizing its 5% GDP target. In response, Finance Minister Lan Foan stated that the government will maintain stimulus efforts, support the property market, and increase state bank capital to stimulate the economy.
No important economic news this week - sideways time. Gold accumulates waiting for information on interest rates in November 2024
/// SELL XAU : zone 2659-2662
SL: 2667
TP: 50 - 100 - 200 pips (2642)
Safe and profitable trading
Gold recovers - touch TREND H2 - SELL NOWXAU / USD trend forecast October 11, 2024
Gold price (XAU/USD) pulls back slightly from a three-day high, trading around $2,640 in early European trading on Friday, though still up over 0.40%. A rise in US jobless claims indicated labor market weakness, allowing the Federal Reserve to continue cutting rates. This led to a slight drop in US Treasury yields and a softer risk tone, helping gold gain for a second day.
However, stronger-than-expected US inflation data reduced the chances of another large Fed rate cut in November, supporting the US Dollar and limiting gold's gains. Traders now await the US PPI, Michigan Consumer Sentiment, and Fedspeak for further direction.
Gold recovered - broke the downtrend H1. However, the larger frame H2 - H4 still shows that the correction is still continuing. While the market psychology is worried that there will be no further interest rate cut in November.
/// SELL XAU : zone 2652-2655
SL: 2660
TP: 50 - 100 - 300 pips (2625)
Safe and profitable trading
XAU down! correction 10/10/2024XAU / USD trend forecast October 10, 2024
Gold continued its decline for the sixth straight day after the Federal Reserve (Fed) released its September Meeting Minutes. The Minutes revealed that most FOMC members supported a 50-basis-point cut, though XAU/USD remains near $2,610, down 0.37%.
While some officials preferred a 25 bps cut, all agreed on lowering rates. Most participants saw inflation risks decreasing, while concerns about the labor market increased.
H1 frame shows Gold price correction - amid news of China stopping gold purchases continuing to impact further bullish momentum. Price continues to correct below 2600
/// SELL XAU : zone 2623-2626
SL: 2631
TP: 50 - 100 - 300 pips (2596)
Safe and profitable trading
FOMC ! Is this a sharp decline or correction?⭐️Smart investment, Strong finance
⭐️GOLDEN INFORMATION:
Gold price (XAU/USD) dropped nearly 1.5% on Tuesday, reaching a three-week low but found support near the $2,600 level. The stronger US Dollar, driven by reduced expectations of a large Federal Reserve (Fed) rate cut, pressured the non-yielding gold. Additionally, news of a potential ceasefire between Hezbollah and Israel further weighed on the safe-haven metal, pushing it below $2,630.
However, the decline paused as traders await the release of the September FOMC meeting minutes on Wednesday, along with US inflation data (CPI and PPI) later this week, which will influence the Fed’s rate outlook. In the meantime, the subdued USD could help limit further losses for gold
⭐️Personal comments NOVA:
Gold price BREAK through the zone 2625 - 2671 - following a downtrend after news that the Chinese government has unfavorable policies for gold. Adjusted cadence is necessary
⭐️SET UP GOLD PRICE:
🔥BUY GOLD zone: $2595 - $2597 SL $2590
TP1: $2602
TP2: $2610
TP3: $2620
🔥BUY GOLD zone: $2606 - $2604 SL $2601
TP1: $2610
TP2: $2615
TP3: $2620
🔥SELL GOLD zone: $2643 - $2645 SL $2650
TP1: $2635
TP2: $2620
TP3: $2610
⭐️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
Sideways ! The explosion is about to take place in October! XAU⭐️Smart investment, Strong finance
⭐️GOLDEN INFORMATION:
Gold price (XAU/USD) stays under pressure during Tuesday’s Asian session, hovering just above the lower end of a short-term range. Investors are lowering expectations for a large interest rate cut by the Federal Reserve (Fed) in November, as the US labor market shows signs of strength, which weighs on gold.
Meanwhile, the US Dollar (USD) has retreated from its seven-week high hit on Friday, as traders await Wednesday’s FOMC meeting minutes. Additionally, key US inflation data, including the Consumer Price Index (CPI) on Thursday and the Producer Price Index (PPI) on Friday, will shape the outlook for Fed rate cuts and impact both the USD and gold.
⭐️Personal comments NOVA:
Frame H1 moves in the downtrend line, mainly sideways. Nova is inclined to reduce sideways to the 2624-2627 area to create liquidity and continue to increase. The long-term trend is still up
⭐️SET UP GOLD PRICE:
🔥BUY GOLD zone: $2624 - $2626 SL $2618
TP1: $2635
TP2: $2650
TP3: $2672
🔥SELL GOLD zone: $2661 - $2663 SL $2666 scalping
TP1: $2655
TP2: $2648
TP3: $2640
🔥SELL GOLD zone: $2684 - $2686 SL $2691
TP1: $2678
TP2: $2670
TP3: $2660
⭐️ 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
XAU bearish sideway - waiting for NF this week⭐️ Smart investment, Strong finance
⭐️ GOLDEN INFORMATION :
Gold prices (XAU/USD) ticked up slightly during the Asian session on Tuesday, halting a two-day decline and pausing the recent pullback from last week’s all-time high. However, the increase lacks strong momentum due to modest US Dollar strength, supported by Federal Reserve Chair Jerome Powell's hawkish comments on Monday and optimism around China's stimulus efforts, both limiting gains for the safe-haven asset.
That said, significant declines in gold remain unlikely, given ongoing geopolitical tensions in the Middle East. Additionally, expectations of further US rate cuts amid slowing inflation and hopes for China's stimulus to boost physical demand should continue to support XAU/USD. Traders are now awaiting US macroeconomic data and Fed commentary for further direction.
⭐️Personal comments NOVA:
Gold price clearly shows a downward adjustment trend in the H1 frame - sideway price range 2625 - 2648 waiting for NF this week
⭐️ SET UP GOLD PRICE:
🔥BUY GOLD zone: $2628 - $2626 SL $2620
TP1: $2633
TP2: $2640
TP3: $2648
🔥SELL GOLD zone: $2648 - $2650 SL $2655
TP1: $2640
TP2: $2633
TP3: $2625
⭐️ 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
Strong XAU Uptrend! wait ATH 2683⭐️ Smart investment, Strong finance
⭐️ GOLDEN INFORMATION:
Gold prices (XAU/USD) pulled back from record highs on Wednesday, dropping to around $2,655 in the European session. A risk-on sentiment and overbought conditions led to profit-taking, while a slight US Dollar uptick added pressure. However, expectations of aggressive Fed policy easing may limit the USD's strength, supporting gold.
Geopolitical tensions in the Middle East and US political uncertainty ahead of the November election also help contain gold's downside. Traders await further clues on the Fed's rate-cut path, with attention on FOMC speeches, including Fed Chair Powell's on Thursday, and the US PCE Price Index on Friday. metal.
⭐️ Personal comments NOVA:
Still a strong bullish force reaching the all-time highest ATH of 2670. The fomo from the market may continue throughout this week
⭐️ SET UP GOLD PRICE:
🔥 BUY GOLD zone: $2626 - $2628 SL $2620
TP1: $2635
TP2: $2642
TP3: $2650
🔥 SELL GOLD zone: $2683 - $2685 SL $2690
TP1: $2670
TP2: $2655
TP3: $2640
⭐️ 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
Gold price continues sideways waiting for tomorrow's CPI⭐️ Smart investment, Strong finance
⭐️ GOLDEN INFORMATION:
Gold prices (XAU/USD) struggled to build on Monday's gains and edged lower during Tuesday's Asian session, weighed down by continued US Dollar strength. After Friday's mixed jobs report, investors reduced expectations of a larger Fed rate cut in September, boosting the USD and pressuring gold.
Additionally, a positive sentiment in equity markets further dampened demand for the safe-haven metal. XAU/USD remains within a multi-week trading range as investors await more clarity on the Fed’s rate decision. Focus now shifts to US inflation data due Wednesday, with the potential rate-cut prospects limiting aggressive bearish positions on gold.
⭐️ Personal comments NOVA:
There was no important news on Tuesday, Gold prices continued sideways in the price range of 2480-2520 waiting for important data of the week: CPI, PPI,...
⭐️ SET UP GOLD PRICE:
🔥BUY GOLD zone: $2486 - $2484 SL $2479
TP1: $2495
TP2: $2505
TP3: $2520
🔥SELL GOLD zone: $2519 - $2521 SL $2526
TP1: $2510
TP2: $2500
TP3: $2490
⭐️ 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
XAU / USD ! 9/9 ! SIDEWAY continue to decreaseXAU / USD trend forecast September 9, 2024
According to the data, Fed interest rate probabilities fluctuated sharply. Based on CME FedWatch Tool data, at some point, traders priced a 50 bps cut with odds rising as high as 70%. Nevertheless, as the dust settled, market participants estimated that a 25 bps cut was more likely as the chances of it rose by 73%, while for a 50 bps cut they decreased to 27%.
In the meantime, Fed policymakers crossed the newswire. New York Fed President John Williams said that lowering rates soon will help to keep the labor market balanced. Fed Governor Christopher Waller echoed some of his comments at a speech at the University of Notre Dame. He said, “The time has come” to begin easing policy and revealed that he was open to any size of easing.
Based on H2, resistance and EMA 200 line to set up SELL signal
/// SELL XAU : zone 2505-2507
SL: 2513
TP: 50 - 150 - 200 pips (2487)
Safe and profitable trading
Why I See The Huge Sell-Off Intensifying:Please read
I have been so focussed on the VIX index. I wish I had checked its weekly stochastic levels in advance like I regularly do with Precious metals and Forex sometimes when i trade.
The USDX is pushing off this massive W/bottom on the 2 hour time frame. Imagine the double whammy effect this will have with the VIX and USDX rallying concurrently. Just my thoughts.
NF September! Opportunities or challenges for XAU⭐️ Smart investment, Strong finance
⭐️ GOLDEN INFORMATION:
Gold prices (XAU/USD) are struggling to build on their recent recovery, hovering in a narrow range below the $2,525 mark during Friday's Asian session. Traders are cautious, awaiting the key US Nonfarm Payrolls (NFP) report. Meanwhile, expectations of a larger Fed rate cut later this month keep the US Dollar in check, supporting gold.
Mixed US employment data this week has raised concerns about the weakening labor market, further fueling demand for the safe-haven metal amid ongoing geopolitical tensions. As a result, gold is poised for a potential breakout and modest weekly gains, with its upside prospects looking favorable.
⭐️ Personal comments NOVA:
There will still be a bearish VIEW for XAU, before the news of FED's interest rate reduction. Today's NF is also expected to be good for the dollar
⭐️ SET UP GOLD PRICE:
🔥BUY GOLD zone: $2499 - $2497 SL $2494 scalping
TP1: $2503
TP2: $2508
TP3: $2515
🔥BUY GOLD zone: $2450 - $2452 SL $2445
TP1: $2460
TP2: $2470
TP3: $2480
🔥SELL GOLD zone: $2529 - $2532 SL $2536
TP1: $2520
TP2: $2510
TP3: $2500
⭐️ 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
XAU ! NF ! decision for the market to fall sharplyXAU / USD trend forecast September 6, 2024
The ADP National Employment Report released Thursday showed that US private-sector jobs increased by 99,000 in August, the smallest rise since January 2021, missing the forecast of 145,000. July’s figure was also revised down to 111,000 from 122,000. Additionally, job openings fell to 7.673 million in July, a three-and-a-half-year low, indicating a weakening labor market.
Sideway below 2500 is a good signal for Gold in the near future, waiting for interest rate cut in September 2024
Based on H4, resistance and EMA 200 line to set up SELL signal
/// SELL XAU : zone 2528-2531
SL: 2536
TP: 50 - 150 - 300 pips (2501)
Safe and profitable trading
XAU decreased! PMI ! Important data today⭐️ Smart investment, Strong finance
⭐️ GOLDEN INFORMATION:
Gold prices edged higher during the Asian session on Thursday, building on their rebound from near two-week lows around $2,472. A US labor market report on Wednesday showed job openings dropping to a three-and-a-half-year low, fueling speculation of a larger Fed rate cut in September, which supports the non-yielding metal. Concerns about the US economy also drive investors toward safe-haven assets like gold.
However, strong buying momentum is lacking as traders remain cautious ahead of Friday’s key Nonfarm Payrolls (NFP) report. Thursday’s ADP employment report, Weekly Jobless Claims, and ISM Services PMI may offer short-term opportunities, but expectations for upcoming Fed rate cuts continue to support gold prices.
⭐️ Personal comments NOVA:
The financial market was shaken by the news that the FED lowered interest rates in September, fearing an economic recession. Gold also found it difficult to avoid the general sentiment, continuing to reduce and adjust more strongly.
⭐️ SET UP GOLD PRICE:
🔥BUY GOLD zone: $2472 - $2470 SL $2467 scalping
TP1: $2478
TP2: $2483
TP3: $2490
🔥BUY GOLD zone: $2451 - $2453 SL $2446
TP1: $2460
TP2: $2470
TP3: $2480
🔥SELL GOLD zone: $2506 - $2508 SL $2513
TP1: $2495
TP2: $2480
TP3: $2460
⭐️ 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
$2500 large accumulation price zone! XAU decrease⭐️ Smart investment, Strong finance
⭐️ GOLDEN INFORMATION:
Gold prices (XAU/USD) slipped on Tuesday due to a stronger US Dollar and rising US Treasury yields. However, expectations that the Federal Reserve might cut interest rates in September could support gold, as lower rates reduce the cost of holding non-yielding assets. Additionally, ongoing geopolitical tensions in the Middle East may boost demand for safe-haven assets like gold.
Looking ahead, the ISM Manufacturing PMI is set to be released on Tuesday, and the key focus will be on the US Nonfarm Payrolls (NFP) report for August, which could influence the Fed's rate decision and impact gold prices in the near term.
⭐️ Personal comments NOVA:
Gold prices enter September with high expectations for volatility and new price increases. Correction to reach new ATH continues this year
⭐️ SET UP GOLD PRICE:
🔥BUY GOLD zone: $2472 - $2470 SL $2465
TP1: $2480
TP2: $2495
TP3: $2510
🔥SELL GOLD zone: $2509 - $2511 SL $2514 scalping
TP1: $2504
TP2: $2498
TP3: $2490
🔥SELL GOLD zone: $2527 - $2529 SL $2534
TP1: $2520
TP2: $2510
TP3: $2500
⭐️ 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
Gold falls below 2500 !! XAU ! 9/2/24XAU / USD trend forecast September 2, 2024
Protests erupted across Israel after the military recovered the bodies of six hostages allegedly killed by Hamas in Gaza. Israel's largest labor union has called for a nationwide strike, threatening to shut down the entire economy on Monday. Meanwhile, China's NBS Manufacturing PMI dropped to 49.1 in August from 49.54 in July, missing expectations of 49.5, while Non-Manufacturing PMI improved slightly to 50.3 from 50.2, surpassing forecasts of 50.0. In the US, the PCE Price Index increased by 2.5% year-over-year in July, slightly below market expectations of 2.6%.
Sideway below 2500 is a good signal for Gold in the near future, waiting for interest rate cut in September 2024
Based on M30, resistance and EMA 200 line to set up SELL signal
/// SELL XAU : zone 2508-2510
SL: 2516
TP: 50 - 150 - 300 pips (2480)
Safe and profitable trading
ATH XAU is getting closer !! will it reach 2550 ??⭐️ Smart investment, Strong finance
⭐️ GOLDEN INFORMATION:
Gold price (XAU/USD) is under pressure on Friday due to a stronger US Dollar (USD). Positive US growth data and lower Initial Jobless Claims have reduced expectations for a significant rate cut by the Federal Reserve (Fed) in September, weighing on gold. However, rising geopolitical tensions in the Middle East and the ongoing Russia-Ukraine war may increase safe-haven demand, supporting gold prices.
Investors are watching US inflation data for clues on the Fed's rate cut decision. The core Personal Consumption Expenditures (PCE) Price Index, the Fed's preferred inflation measure, is expected to rise 2.7% YoY in July, slightly up from 2.6% in June. A softer-than-expected PCE could prompt the Fed to begin a rate-cutting cycle, which would be favorable for XAU/USD.
⭐️ Personal comments NOVA:
The bulls are still dominant, trying to surpass the old 2531 ATH zone. NOVA is still waiting for September - the end of August will continue to sideway and adjust downwards.
⭐️ SET UP GOLD PRICE:
🔥BUY GOLD zone: $2507 - $2509 SL $2503 scalping
TP1: $2515
TP2: $2522
TP3: $2531
🔥BUY GOLD zone: $2483 - $2485 SL $2478
TP1: $2495
TP2: $2502
TP3: $2510
🔥SELL GOLD zone: $2548 - $2550 SL $2555
TP1: $2540
TP2: $2530
TP3: $2520
⭐️ 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
USDX's Possible Lid On The Gold Price: See Analysis & Chart
During the Thursday 29 August 2024, NY session of Gold & Precious metals trading, I noticed some good momentum in Long-positions, so priced looked to be headed up to test 2531.65 which is firm resistance (and below from 2528.50 & even beneath there), where on Wednesday during the Asian session a lacklustre performance in price-momentum of Gold relative to Silver saw it sell off strongly all the way back to 2493.50. Good-on-you if you got in at that price-point because the Gold-bulls drive price back up so quickly.
I have digressed a bit, this week we have seen the start of a recovery in the US Dollar and the index that tracks it, the USDX tested the 101.50 level during yesterday before moving back down. I mentioned during the last NY session that I was cashing in my long-positions in Gold and looking at a possible short. Well full disclosure I am still Short-gold today Friday in the Asia session. Mind you I had to get Short in & out 2 times because price rallied against me, that is trading.
I even forgot to book my profits during yesterday when price got to 2528.65. Why? I honestly thought the Gold price with its momentum would take 2531.65. There's my mistake. Never anticipate the market. If you have conviction on a firmly held idea with a variety of technical analysis confluence & fundamentals to go with it, then that is different, but saying to myself 'we are going to get over hard resistance zones (2528.50-2531.65) and 'I'm gonna ride this baby all the way to a new high today', that is wishful thinking.
What I have learnt about trading Gold & Precious metals is to book your profits. Then you can let price retrace and go again in the same previous direction that booked you all that profit.
Anyway, take a look at my chart, please and keep an eye on a break of the 101.50 area where the USDX could engage in a more firmly held rally as we head towards the 'interest rate decision' in the USA in a few weeks time. I think that the Gold-price is extra sensitive to the Dollar at this point in time and I think the rally in the USDX (see an article I wrote last weekend below - click on the chart) that we are going to see may keep a cap or a lid on the Gold price at least until it explodes upwards on an interest rate reduction. This is my analysis only, I don't get cues from anyone else.
* Trading is risky. Please don't rely solely on my investment advice & trade setups.
Regards,
Chris
easy_explosive_trades
Attempt to break ATH XAU at the end of August 2024 ⭐️ Smart investment, Strong finance
⭐️ GOLDEN INFORMATION:
However, the rising demand for the US Dollar (USD) could pressure Gold prices, as a stronger USD makes Gold more expensive for buyers. Investors will be watching Thursday's second estimate of US GDP for Q2 to gauge the potential size and timing of the Federal Reserve's (Fed) rate cut. On Friday, attention will shift to the US Personal Consumption Expenditures (PCE) Price Index data for July.
⭐️ Personal comments NOVA:
Still continuing sideways in the price range of 2480 - 2530, stabilizing liquidity in this area. NOVA thinks it will take time until early September for gold to continue to create a new ATH this year.
⭐️ SET UP GOLD PRICE:
🔥BUY GOLD zone: $2485 - $2483 SL $2478
TP1: $2490
TP2: $2500
TP3: $2510
🔥SELL GOLD zone: $2548 - $2550 SL $2555
TP1: $2530
TP2: $2515
TP3: $2500
⭐️ 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