Lowest gold price since March 2023

NOVA hello everyone, Let's comment on gold price next week from August 21 to August 25, 23

World situation:
A difficult week with the world gold price
The price has dropped to the lowest level since March 2023 around 1885 - 1890

With many negative news covering the whole market. Investors with a common sense of fear and sell-off in large numbers caused gold prices to plunge.

News indexes, US market results directly affect, lift the dollar value

Identify:
In the following week, still the main bearish cycle, the news continues to not support the gold price, the price may fall to the lowest level this year, namely the 3rd and 4th quarter of 2023.

Technically:
Based on the resistance and support areas of the gold price according to the D1 frame, NOVA identifies the important key areas as follows:
Resistance: $1906, $1930, $1985
Support : $1880, $1855, $1810

Downtrend is still dominant, will continue to happen next week

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:

Gold on track to post first weekly close below $1,900 since March
Gold price holds steady at around $1890 in the American session on Friday and looks to register its lowest weekly close in five months. Rising US Treasury bond yields and concerning headlines from China forced XAU/USD to stay on the back foot throughout the week.

Kommentar:

At the end of the week, the XAU/USD Gold spot slightly recovered to $1,890, but it is still poised for a 1% weekly decline, its fourth weekly loss in a row. The metal seems to be consolidating losses after seeing red in the previous four days and also got a boost due to risk aversion fueled by markets worrying about the Chinese economy’s health.

In that sense, a sour market mood was spread due to a Chinese real estate giant, Evergrande, filing for bankruptcy protection in a US court. It's worth noticing that the same giant had defaulted on huge debts back in 2021, which sent shockwaves through financial markets so the yellow metal may benefit in the upcoming sessions as investors may take refuge in it.

Kommentar:

Set up Scalping morning tomorrow:

Bug gold: zone 1883-1886 SL 1880

TP: 1890 , TP: 1905

Kommentar:

+ 45 pips , from entry 1885

Kommentar:

+ 75 pips , from entry 1885 , congratulation everyone

Kommentar:

The price had a slight recovery on Monday morning, but the selling force was quite high. The price is still fluctuating around the 1880 - 1890 area

Strategy: hit scalping sideways around the price range 1880 - 1895

Kommentar:

Set up Scalping SELL 1900-1903 SL 1908

Tp1: 1895
Tp2: 1890

Trade ist aktiv:

News:
Gold price (XAU/USD) surrenders gains and slips back below the crucial support at $1,900 as investors shift their focus towards the Jackson Hole Economic Symposium, which will start on Thursday. Investors will likely take clues from the event about the Federal Reserve’s (Fed) roadmap of achieving price stability without deviating from a low Unemployment Rate.

Fears of a recession in the United States economy have receded amid tight labor market conditions and strong consumer spending momentum propelled by steady wage growth. Fresh predictions about Fed’s interest rate guidance signal that the central bank will keep interest rates at high levels until March 2024.

Trade ist aktiv:

The price is on the right track, recovering to the 1900 - 1915 area before continuing to decrease

Kommentar:

The price is still on the right track, currently approaching the resistance zone 1915-1925

Kommentar:

SELL GOLD : 1932 - 1934 SL 1944
BUY GOLD: 1904 - 1907 SL 1894

Kommentar:

+ 85 pips, from entry 1904, congratulation everyone

Trade ist aktiv:

update comment last week of August