Huge selling pressure - Gold price continues to DECREASE
✍️ NOVA hello everyone, Let's comment on gold price next week from 6/3 - 6/7/2024
🔥 World situation:
Gold (XAU/USD) slumped back into the $2,330s on Friday after the release of US Personal Consumption Expenditure (PCE) data for April. The data showed a decrease in core price pressures, with Core PCE cooling to 0.2% month-over-month. Analysts had expected it to remain unchanged at 0.3%. This unexpected decrease increased the likelihood of the Fed cutting interest rates sooner, which is positive for Gold as it reduces the opportunity cost of holding the non-yielding asset.
🔥 Identify:
Despite receiving positive economic news supporting Gold - the great selling pressure pushed Gold prices down immediately. Wait for the next support and decline areas next week
🔥 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: $2362, $2414
Support : $2306, $2282, $2250
🔥 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:
Gold (XAU/USD) slumped back into the $2,330s on Friday after the release of US Personal Consumption Expenditure (PCE) data for April. The data showed a decrease in core price pressures, with Core PCE cooling to 0.2% month-over-month. Analysts had expected it to remain unchanged at 0.3%. This unexpected decrease increased the likelihood of the Fed cutting interest rates sooner, which is positive for Gold as it reduces the opportunity cost of holding the non-yielding asset.
🔥 Identify:
Despite receiving positive economic news supporting Gold - the great selling pressure pushed Gold prices down immediately. Wait for the next support and decline areas next week
🔥 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: $2362, $2414
Support : $2306, $2282, $2250
🔥 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
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
Related publications
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.