Gold's downward adjustment next week

✍️ NOVA hello everyone, Let's comment on gold price next week from 13-17/11/2023

🔥 World situation:
The XAU/USD prices are currently undergoing a downward test on Friday, inching closer to $1,930 following the hawkish remarks made by Federal Reserve (Fed) Chairman Jerome Powell. Powell hinted that the Fed might not have implemented an adequately restrictive monetary policy to control inflation.

In addition to Powell, several other Fed policymakers also made statements this week, suggesting that interest rates may not be high enough to effectively limit inflation and achieve the Fed's target of 2%. This hawkish stance completely contradicted the prevailing market belief that the Fed had finished raising rates and would soon enter a cycle of rate cuts.

🔥 Identify:
The downward correction will continue next week. According to Fibonacci, the best zone to end the downward correction is the 1910 zone.

🔥 Technically:
Based on the resistance and support areas of the gold price according to the H4 frame, NOVA identifies the important key areas as follows:

Resistance: $1948, $1970, $1988
Support : $1910, $1882


🔥 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 economic news, the downward adjustment is about to end. The increase will soon return