Nova-Scalper

Positive signal for gold after PPI news

Long
OANDA:XAUUSD   Gold Spot / U.S. Dollar
⭐️Smart investment, Strong finance

⭐️GOLDEN INFORMATION:
The price of gold (XAU/USD) fluctuated between small gains and losses on Tuesday, as it consolidated its impressive recovery from the $1,810 region, which marked a seven-month low last week. Despite this, the valuable metal maintained its position above the $1,850 mark and continued its sideways movement during the Asian session on Wednesday.

Moreover, the Gold price is receiving some backing from the Israel-Gaza conflict. In addition, the markets are currently factoring in the likelihood of at least one interest rate increase before the year ends. This, combined with an overall optimistic sentiment in the stock markets, could limit any additional advancements for the precious metal. Traders are now awaiting the release of the US Producer Price Index (PPI) and the FOMC minutes on Wednesday, which may provide some stimulus ahead of the US Consumer Price Index (CPI) on Thursday.

⭐️Personal comments NOVA:
Moreover, the Gold price is receiving some backing from the Israel-Gaza conflict. In addition, the markets are currently factoring in the likelihood of at least one interest rate increase before the year ends. This, combined with an overall optimistic sentiment in the stock markets, could limit any additional advancements for the precious metal. Traders are now awaiting the release of the US Producer Price Index (PPI) and the FOMC minutes on Wednesday, which may provide some stimulus ahead of the US Consumer Price Index (CPI) on Thursday.

⭐️SET UP GOLD PRICE:

🔥BUY GOLD zone: $1853 - $1855 SL $1845
TP1: $1859
TP2: $1865
TP3: $1872

🔥SELL GOLD zone: $1873 - $1875 SL $1883
TP1: 1868
TP2: 1860
TP3: 1852


⭐️Technical analysis:
Based on technical indicators EMA 34, EMA89 and support resistance areas to set up a reasonable BUY 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

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