✍️ NOVA hello everyone, Let's comment on gold price next week from 18-22/9/2023
🔥 World situation: By the conclusion of the week, there will be a weekly increase in the Gold Spot price, rebounding from previous losses that caused it to reach a low of $1,900 and ultimately closing above $1,920.
Some signs and economic data are showing that the FED continues to raise interest rates to limit inflation. Influencing investors' decisions on the dollar. The opportunity for gold prices to increase slightly will be available next week
🔥 Identify: Before the last Prelim UoM Consumer Sentiment news this week, gold prices increased after bad news for the US economy, which is a sign that the US economy will suffer more bad news next week.
🔥 Technically: Based on the resistance and support areas of the gold price according to the H4 frame, EMA34 - EMA89, NOVA identifies the important key areas as follows:
Resistance: $1931, $1940, $1952 Support : $1914, $1903, $1885
There will be a certain increase next week
🔥 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
The price session at the beginning of the second week is always sideways, we can scalp the Asian session in the price range 1917-1925.
Trade active
The price entered the SELL 1928-1930 entry zone, the resistance zone.
SELL signal is made
Comment
+ 45 pips, from entry SELL 1930 , great
Comment
+ 60 pips , from entry SELL 1930( zone 1920-1923)
Trade active
The price increased sharply, surpassing the 1930 mark. Today or tomorrow the price will reach the next resistance mark 1940-1942. Entry SELL in this area will be activated
Trade active
The price is moving towards the 1940 resistance area, this is a nice entry point to get a SELL signal
Comment
The price has moved towards the 1937.5 area and the selling pressure is so great that the gold price returns to the 1931 mark. Need to wait for a clear signal to know the next trend tomorrow
Trade active
Investors are exercising caution as they await the Federal Reserve's interest rate decision, resulting in gold price (XAU/USD) facing difficulties in making a significant move. The general expectation is for an unchanged monetary policy and a hawkish interest rate outlook due to the consistent decline of the Core Consumer Price Index (CPI), which plays a crucial role in determining the interest rate framework.
Let's wait for the interest rate information released by the largest US bank
Comment
The price increased strongly through the 1940 resistance zone. It approached the 1950 resistance area and buying pressure decreased. Maybe the price is ahead of today's news, the uptrend has formed and is unlikely to surpass 1950 this week.
Comment
witnessing the rapid collapse of gold prices, it was inevitable that the downtrend would return to the 1925 zone
Comment
Gold price is still going in the trend as stated in the article, downtrend
Good news for Do, bad news for Gold. Gold prices continued to decline to the 1915 level and increased again. Nova still supports lower prices this week
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