Recovery, short-term market optimism of gold
Updated
Smart investment, Strong finance
GOLDEN INFORMATION:
Gold price has attracted buying for the fourth consecutive day on Thursday, rising above the $1,945 level during the Asian session. This brings it closer to a four-week high reached yesterday. The XAU/USD is now looking to build on its recovery from last week's low of around $1,885, which was the lowest level since March 13.
The US Dollar (USD) is currently near a two-week low that was reached after disappointing macro data from the United States (US) was released on Wednesday. This has turned out to be a key factor supporting the rise in Gold prices. The Automatic Data Processing (ADP) reported that private sector employers in the US added only 177K jobs in August, significantly lower than both last month's downwardly revised reading of 324K and expectations for a reading of 195K. Additionally, according to the second estimate, the US economy grew at an annualized pace of 2.1% in Q2 compared to originally reported growth of 2.4%.
Personal comments NOVA:
The downtrend line of frame D1 is still clear, the gold price is optimistic but NOVA thinks it is only short term, the price will adjust down in the near future.
SET UP GOLD PRICE:
BUY GOLD zone: $1925 - $1923 SL $1915( Can scalping $1936 small lot )
TP 1: $1930
TP2: $1936
SELL GOLD zone: $1950 - $ 1952 SL 1956
TP1: $1940
TP2: $1935
Technical analysis:
Based on technical indicators EMA 34, EMA89 and support resistance areas to set up a reasonable SELL order.
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
GOLDEN INFORMATION:
Gold price has attracted buying for the fourth consecutive day on Thursday, rising above the $1,945 level during the Asian session. This brings it closer to a four-week high reached yesterday. The XAU/USD is now looking to build on its recovery from last week's low of around $1,885, which was the lowest level since March 13.
The US Dollar (USD) is currently near a two-week low that was reached after disappointing macro data from the United States (US) was released on Wednesday. This has turned out to be a key factor supporting the rise in Gold prices. The Automatic Data Processing (ADP) reported that private sector employers in the US added only 177K jobs in August, significantly lower than both last month's downwardly revised reading of 324K and expectations for a reading of 195K. Additionally, according to the second estimate, the US economy grew at an annualized pace of 2.1% in Q2 compared to originally reported growth of 2.4%.
Personal comments NOVA:
The downtrend line of frame D1 is still clear, the gold price is optimistic but NOVA thinks it is only short term, the price will adjust down in the near future.
SET UP GOLD PRICE:
BUY GOLD zone: $1925 - $1923 SL $1915( Can scalping $1936 small lot )
TP 1: $1930
TP2: $1936
SELL GOLD zone: $1950 - $ 1952 SL 1956
TP1: $1940
TP2: $1935
Technical analysis:
Based on technical indicators EMA 34, EMA89 and support resistance areas to set up a reasonable SELL order.
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
Gold price is sideways around the 1940-1950 price range, the downward trend is even more obviousNote
update: add signal before announcing Core PCE Price Index m/m newsSELL 1965 - 1967 SL 1973
TP: 1955, 1944, 1935
BUY 1935 - 1937 SL 1928
TP: 1940, 1945, 1952
Note
The price fell as expected but with a small margin, around the 1940-1947 region. Bad news for gold so we still expect to return to the 1935, 1924 zoneTrade active
Gold prices declined on Thursday as the dollar gained ground against most major rivals and following positive US data that pushed investors off gold futures.As for data, US consumer spending rose 3.3% in July y/y, improving from a 3% increase in the previous reading.
Spending remains considerably higher than Fed targets even if it's much lower than the 7% peak scaled in summer.
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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