GOLDEN INFORMATION: At the end of the week, the XAU/USD traded near the 100-day Simple Moving Average of $1,962, experiencing a 0.30% decline but recorded a weekly gain, its third in a row.
The prevailing strength of the US Dollar continues to exert downward pressure on XAU/USD. Notably, the recent release of Initial Jobless Claims data by the US Department of Labor revealed a lower figure of 228,000 people filing for unemployment benefits in the second week of July, below the market expectation of 242,000. These positive employment figures reflect a robust US economy, potentially prompting the Federal Reserve (Fed) to maintain a more aggressive stance. In that sense, the US bond yield rose sharply on Thursday, boosting the USD and applying the non-yielding metal selling pressure.
Personal comments NOVA: Gold price suddenly dropped sharply in the last day of the week of July 3, back to the support zone of 1957. Negative signals still weighed on the dollar, gold price will still benefit from that, next week gold price will still try to reach the 1990 zone.
SET UP GOLD PRICE: BUY GOLD zone: $1959 - $1961 SL $1950 TP 1: $1972 TP2: $1980
Technical analysis: based on technical indicators moving average EMA 34 , EMA89 plus safe support zone $1960, $1945 to set up BUY safely at this price zone
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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Follow the NOVA channel to get more comments about FOREX
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next week the dollar is still negatively affected, gold price may have a big breakthrough.
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Is everyone mentally prepared for the upcoming Monday, who is BUY GOLD with NOVA next week, follow the channel for more information
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Gold Price Forecast: XAU/USD threatens 100-day SMA ahead of FOMC decision
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Monday morning can set up signal BUY GOLD 1959-1961 SL 1955
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The price is still fluctuating at the entry zone 1959-1961, the chance for gold to rise here is very high
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+ 30 pips from entry GOLD 1959
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The price is tending to surpass the 1959 mark, but the relatively weak force can still recover slightly around the 1970 mark
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+ 50 pips from entry 1959
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Tonight there is news that PMI will fluctuate quite widely, everyone should install SL fully or don't stay out of the news
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price after failing to break through the 1960 zone, now there is a slight recovery that can touch the 1970 zone which is very high
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set up Gold SELL 1970-1972
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+90 pips , exactly dowmtrend
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price is still trying to get back to the support zone 1950