Test $2060, continuing the UP trend ! XAU
Updated
✍️ NOVA hello everyone, Let's comment on gold price next week from 4/3 - 8/3/2024
🔥 World situation:
The ISM February Manufacturing PMI decreased to 47.8 from 49.1, indicating a contraction in the U.S. manufacturing sector. Timothy Fiore, Chair of the Institute for Supply Management, mentioned that the rate of contraction was faster than in January, with a slowdown in demand, decrease in output, and continued support for inputs.
As a result of the data, Gold prices experienced a significant increase as U.S. Treasury bond yields dropped, leading to expectations of earlier-than-anticipated rate cuts.
Consequently, XAU/USD prices surged aggressively, reaching a new high for the year at $2,087.45, while U.S. Treasury bond yields fell. The yield of the U.S. 10-year Treasury bond declined by five and a half basis points (bps) to 4.197%, and real yields, as measured by the 10-year Treasury Inflation-Protected Securities (TIPS) yield, decreased from 1.934% to 1.878%. These developments had a negative impact on the value of the U.S. Dollar (USD).
🔥 Identify:
Gold price increased sharply after the 6th PMI news. Continuing the upcoming UP trend of Gold
Break out of the $2060 area, a huge buying pressure. The correction to test back to the $2060 area is essential to help Gold prices continue to increase and stabilize the market.
🔥 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: $2120, $2150
Support : $2060, $2040
🔥 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
🔥 World situation:
The ISM February Manufacturing PMI decreased to 47.8 from 49.1, indicating a contraction in the U.S. manufacturing sector. Timothy Fiore, Chair of the Institute for Supply Management, mentioned that the rate of contraction was faster than in January, with a slowdown in demand, decrease in output, and continued support for inputs.
As a result of the data, Gold prices experienced a significant increase as U.S. Treasury bond yields dropped, leading to expectations of earlier-than-anticipated rate cuts.
Consequently, XAU/USD prices surged aggressively, reaching a new high for the year at $2,087.45, while U.S. Treasury bond yields fell. The yield of the U.S. 10-year Treasury bond declined by five and a half basis points (bps) to 4.197%, and real yields, as measured by the 10-year Treasury Inflation-Protected Securities (TIPS) yield, decreased from 1.934% to 1.878%. These developments had a negative impact on the value of the U.S. Dollar (USD).
🔥 Identify:
Gold price increased sharply after the 6th PMI news. Continuing the upcoming UP trend of Gold
Break out of the $2060 area, a huge buying pressure. The correction to test back to the $2060 area is essential to help Gold prices continue to increase and stabilize the market.
🔥 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: $2120, $2150
Support : $2060, $2040
🔥 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
Note
The pressure and positivity from the bulls are still very large. There will be a downward adjustment period to create more liquidity
Dear My Friends,
NOVA returns and updates new information
✅ Gold Scalping Signal: 4 - 6 signals.
✅ Forex Signal: 5 - 8 signals.
✅ Trading Idea / Setup / Technical.
✅ NEW UPDATE : Signals free in Telegram:
t.me/+1mFSljRaI5RlNjg1
NOVA returns and updates new information
✅ Gold Scalping Signal: 4 - 6 signals.
✅ Forex Signal: 5 - 8 signals.
✅ Trading Idea / Setup / Technical.
✅ NEW UPDATE : Signals free in Telegram:
t.me/+1mFSljRaI5RlNjg1
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