⭐️Smart investment, Strong finance
⭐️GOLDEN INFORMATION:
Gold prices (XAU/USD) attracted buyers during the Asian session on Thursday, breaking a four-day losing streak. Market sentiment remains fragile due to concerns about an economic slowdown in China and a potential US recession. Additionally, ongoing Middle East conflicts continue to boost demand for the safe-haven metal.
Friday's weak US employment report for July increased expectations of significant interest rate cuts by the Federal Reserve (Fed), along with a decline in US Treasury bond yields, putting pressure on the US Dollar (USD) and supporting Gold prices. Furthermore, the recent rebound from the 50-day Simple Moving Average (SMA) suggests potential for further appreciation.
⭐️Personal comments NOVA:
Gold price is in the sideway price range: 2380 - 2420, buyers and sellers are having high competition in the context of this week not having much important economic data, focus is on concerns that a war in the Middle East may break out.
⭐️SET UP GOLD PRICE:
🔥BUY GOLD zone: $2365 - $2367 SL $2360
TP1: $2375
TP2: $2382
TP3: $2390
🔥SELL GOLD zone: $2418 - $2420 SL $2426
TP1: $2405
TP2: $2398
TP3: $2390
⭐️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