✍️ NOVA hello everyone, Let's comment on gold price next week from 7/22 - 7/26/2024
🔥 World situation: Gold price dropped over 1.50% to around $2,400 on Friday, potentially resulting in nearly 1% weekly loss from its record high of $2,483. The XAU/USD stands at $2,399 after peaking at $2,447. This fluctuation is linked to China's underperforming economy and speculation of Donald Trump's election win strengthening the US Dollar, which is projected to close the week up by 0.26%.
🔥 Identify: Gold price reached a new ATH 2482 this week - an inevitable downward adjustment, the price increase momentum is still very large when the FED is about to cut interest rates and world military tensions are still high.
🔥 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: $2434, $2460, $2482 Support : $2357, $2320
🔥 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
Comment
Gold prices have shown to be a safe investment channel in recent years - reaching new ATHs. The war in the Middle East is still complicated - it is expected that gold will recover briefly at the beginning of the week
Comment
DOWN trend below 2400 - Weekly plan is going in the right direction.
+ 110 pips , from 2401 , DOWN
Comment
Gold price is under selling pressure as Trump's chances of becoming president are increasing - the possibility of cutting interest rates soon is not supported by Trump.
Comment
Gold price returned to the 2400 price range - retesting resistance after the break. Sideway creates large liquidity at this price range
Trade active
PLAN DAY 7/23/2024
Personal comments NOVA: Gold price is in a downward correction - sideways accumulation around the 2400 area. Wait for inflation data this week
Given these circumstances, the anticipation of a dovish Federal Reserve (Fed) stance is expected to curb potential declines in the non-interest-bearing Gold price. Indeed, market participants appear assured that the US central bank will initiate a reduction in borrowing costs come September, with two additional rate cuts anticipated by the end of the year. This prospect has instigated a new decrease in US Treasury bond yields, causing a defensive stance among US Dollar (USD) bulls and thereby providing support to the precious metal. Therefore, it would be wise to wait for further indications of selling before strategizing for a continuation of the recent retracement from the historic high.
Comment
Gold price recovered to return to the $2410 - $2420 area
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