Gold price recovered slightly early next week

Smart investment, Strong finance

GOLDEN INFORMATION:
The price of gold (XAU/USD) gains strength as the latest United States Nonfarm Payrolls (NFP) report falls short of expectations. In July, the US labor market experienced a modest increase of 187K payrolls, which was slightly below the consensus forecast of 200K but marginally higher than June's figure of 185K. Surprisingly, the Unemployment Rate remains lower than expected at 3.5%, compared to the previous release of 3.6%. While payroll additions were not robust, the decrease in unemployment could potentially create a hawkish tone for the Federal Reserve's September monetary policy.

Despite disappointing results in both US Services PMI and labor cost index growth during April-June quarter, Thursday's economic calendar failed to generate any significant movement in gold prices. With US factory activities already contracting, resilience in the labor market hardly serves as support for the US Dollar and acts as a restraining factor for gold prices.

Personal comments NOVA:
Through the current world economic situation, gold price many times could not overcome the resistance zone of 1975. Good news supporting the USD is also the reason why GOLD prices continue to fall this week

SET UP GOLD PRICE:
BUY GOLD zone: $1938 - $1940 SL $1930
TP 1: $1945
TP2: $1952

SELL GOLD zone: $1952 - $1955 SL 1965
TP1: $1940
TP2: 1927

Technical analysis:
Based on technical indicators, the resistance and support areas along with the TRIPPLE BOTTOM candlestick pattern represent a short-term uptrend.

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

Kommentar:

Price matched the entry zone 1938-1940, did not fluctuate much. The selling force is weaker, the chance to recover to the 195x zone is very high