GOLD 7/7: Gold price plummeted after the news of Non - Farm
Updated
Yesterday, the price of gold dropped as the US announced that 497,000 new jobs were created in June 2023, which was more than double the expected number of 267,000. This resulted in a significant appreciation of the USD and a decrease in the 2-year US bond interest rate from 5.12% to 5.04% per year. As a result, many investors shifted their capital towards the USD and bonds, causing a decrease in the flow of money into gold.
The consecutive decline in gold prices can be attributed to the positive labor market data and overall strong economic conditions, which alleviated concerns of a severe recession in the US. Additionally, the possibility of higher wages may lead the US Federal Reserve (Fed) to maintain positive monetary policies and increase interest rates.
Nova's comment: gold price continues to fall, after many bad news affecting hoarding assets
Set up: SELL GOLD zone $1916 - $1918 SL 1930
Based on economic news released this week, along with support and resistance areas to help Nova identify and determine today's trend.
The consecutive decline in gold prices can be attributed to the positive labor market data and overall strong economic conditions, which alleviated concerns of a severe recession in the US. Additionally, the possibility of higher wages may lead the US Federal Reserve (Fed) to maintain positive monetary policies and increase interest rates.
Nova's comment: gold price continues to fall, after many bad news affecting hoarding assets
Set up: SELL GOLD zone $1916 - $1918 SL 1930
Based on economic news released this week, along with support and resistance areas to help Nova identify and determine today's trend.
Note
From a technical standpoint, gold has declined after failing to surpass the trendline resistance at $1,935 at the beginning of the week.If $1,895 is breached, selling pressure could increase, potentially leading to a Pullback towards the $1,860 level.
In the event that doesn't occur, speculators pushing prices higher will regain market control, with initial resistance ranging from $1,930 to $1,935. Furthermore, the focus will shift higher to $1,975.
Note
+ 25 pips from entry 1916
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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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