Can the price break out of the sideway today?

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OANDA:XAUUSD   Gold Spot / U.S. Dollar
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Gold prices are on the rise after bouncing back from a multi-day low of $1,946-$1,945. During the Asian session on Tuesday, XAU/USD has gained positive traction and is currently trading around the $1,957-$1,958 region, up by just over 0.10% for the day. It remains within striking distance of a one-month peak reached last Friday.

The USD is currently at its lowest level since April 2022 due to expectations that the Federal Reserve is nearing the end of its policy tightening cycle. Market participants believe that the Fed will keep interest rates steady for the rest of the year after lifting off by 25 basis points in July. This sentiment continues to weigh on the Greenback, which is beneficial for the US Dollar-denominated Gold price.

Personal comments NOVA:
After the first Monday of the week, gold price failed to get out of the 1950 - 1960 sideway dispute. The dollar is still being restrained by bad news, which is an opportunity for gold to increase in the near future.

SELL GOLD zone: $1968 - $1970 SL $1980
TP 1: $1960
TP2: $1955

Technical analysis:
Based on economic news and Fibonaccy technical signals, there is strong psychological resistance at 1970

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- 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
The price is recovering slightly towards the price zone of $1965
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