Continuing downtrend, will touch 1805 this week ? XAU

✍️ NOVA hello everyone, Let's comment on gold price next week, starting October

🔥 Identify:
The end of the last week of September 2023 saw gold prices plummet to their lowest since March.
Pressure to sell gold from investment funds, economic parameters favorable to the US economy, strong recovery of the dollar and fear among investors. Many impacts cause gold prices to decrease, but that was also NOVA's comment last week.
In the following week, at the beginning of October, gold prices still did not have much motivation to increase in price. It is possible that the price will be lower than the current price. There will be good entry points for people to buy again

🔥 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: $1887, $1910
Support : $1839, $1804

🔥 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:

A week with a lot of important news that affects the price of gold, helping the price of gold to recover in the short term such as: PMI , Non farm, Unemployment Claims, JOLTS Job Openings…

Kommentar:

After the sharp decline in gold prices at the end of September, it is predicted that the second half of 2023 will be very difficult for gold prices, continuing to be influenced by the world's largest US economy.

Kommentar:

Starting October with PMI news, along with the FED's statement. Will the gold price have upward momentum or will it continue to fall to the 1805 area? It is very likely that it will continue to decline

Trade ist aktiv:

Updated second comment: October 2, 2023

SET UP GOLD PRICE:

BUY GOLD zone: $1839 - $1841 SL $1836 scalping
TP1: $1845
TP2: $1848
TP3: $1851

SELL GOLD zone: $1860 - $1863 SL $1870
TP1: 1855
TP2: 1848
TP3: 1840

SELL GOLD zone: $1882 - $1885 SL $1892
TP1: 1875
TP2: 1868
TP3: 1855

Kommentar:

+ 40 pips now, from entry BUY scalping 1839-1841

Kommentar:

There is still a lot of selling pressure, let's wait for ISM Manufacturing PMI news today

Kommentar:

The downtrend continues in the H4 frame. ISM Manufacturing PMI news results may help gold prices increase a bit.

Trade ist aktiv:

Signal today: 3/10/2023

SET UP GOLD PRICE:

BUY GOLD zone: $1803 - $1806 SL $1796
TP1: $1815
TP2: $1822
TP3: $1830

SELL GOLD zone: $1838 - $1840 SL $1848
TP1: 1830
TP2: 1815
TP3: 1806

Kommentar:

The price has increased slightly, but is still in the sideway zone of 1820-1830, waiting for the results of the news impact.