GOLDEN INFORMATION: During the Asian session on Wednesday, the price of gold experienced a slight upward movement, partially recovering from the significant drop it had suffered the day before, which had brought it to a three-week low of $1,941. However, the XAU/USD pair struggled to fully capitalize on this modest increase and is currently trading just below the $1,950 mark. Despite this limitation, it is still up by more than 0.20% for the day.
Fitch Ratings recently downgraded the United States' Long-Term Foreign-Currency Issuer Default Rating (IDR) from 'AAA' to 'AA+'. This decision was motivated by concerns over anticipated fiscal deterioration in upcoming years as well as an erosion of governance and an increasing general debt burden. As a result of this announcement, investors have become more cautious about taking risks with their assets. This caution has been reflected in a slight decline in US equity futures and has provided some support for gold prices due to its status as a traditional safe-haven asset. Additionally, there has been some selling pressure on the US Dollar (USD) throughout intraday trading sessions which further contributes to supporting XAU/USD prices during this period.
Personal comments NOVA: News of the week continuously favors the USD, gold price has a strong downtrend, predicting that the downtrend will still prevail during the week
SET UP GOLD PRICE: SELL GOLD zone: $1955 - $1958 SL $1965 TP 1: $1945 TP2: $1930
Technical analysis: Based on technical analysis indicators EMA34, EMA89, downtrend line and support and resistance areas to give the safest signal.
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
price is approaching the SELL entry zone 1955
Comment
price is still sideways around 1945-1955. Short scalping is the strategy at the moment
Comment
The price is approaching the SELL entry zone 55-58
Comment
missing 7pips to match entry and price crashed, exactly trending
Comment
Accurate confirmation: price collapsed from the 1954.7 zone to the 193x zone, Canh Buy in the 1929-1931 zone
Comment
Unfortunately, the price hit 1932 and rallied. The price needs to accumulate enough force to continue the trend more clearly, sideways in the 1935-1940 price zone
Comment
price after hitting the support 1930-1932, the price reaction turned momentary. Will take a short range sideways to look at the market before a more obvious trend move
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.