XAU shows positivity above $2500⭐️ Smart investment, Strong finance
⭐️ GOLDEN INFORMATION:
Gold prices (XAU/USD) show a slight downward trend near the $2,500 mark on Monday. However, the potential for further decline may be limited due to growing expectations that the US Federal Reserve will start lowering interest rates in September, which typically supports Gold by reducing the opportunity cost of holding it.
Additionally, rising geopolitical tensions in the Middle East and ongoing economic uncertainty are likely to increase demand for the safe-haven asset, supporting Gold prices. However, weak demand in the Chinese economy, the world's largest gold producer and consumer, could weigh on the metal. Later today, the US July Durable Goods Orders are set to be released. This week's key events include the preliminary US GDP for Q2 and the PCE Price Index for July, due on Thursday and Friday, respectively.
⭐️ Personal comments NOVA:
Gold prices are still positive after the FED's statements, Gold prices continue to maintain above the 2500 zone, stable in the second session of the week.
⭐️ SET UP GOLD PRICE:
🔥BUY GOLD zone: $2496 - $2494 SL $2489
TP1: $2505
TP2: $2515
TP3: $2530
🔥SELL GOLD zone: $2528 - $2530 SL $2535
TP1: $2520
TP2: $2510
TP3: $2500
⭐️ 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
