⭐️Smart investment, Strong finance
⭐️GOLDEN INFORMATION:
The general expectation is that the US central bank will maintain the existing conditions and keep interest rates unchanged after their two-day meeting on Wednesday. As a result, the focus of the market will be on the accompanying monetary policy statement and the updated economic projections. Following this, there will be a press conference held by Fed Chair Jerome Powell, which will be closely analyzed for any confirmation of a shift in policy stance. Currently, the markets are anticipating the possibility of at least four 25 basis point rate cuts by the Fed in 2024. Therefore, if there is a more cautious approach, it will put significant pressure on the US Dollar and cause an upward movement in the price of Gold, which does not yield interest.
⭐️Personal comments NOVA:
Both technical factors and economic data are not supporting the uptrend of Gold, still under SELL pressure.
⭐️SET UP GOLD PRICE:
🔥BUY GOLD zone: $1964 - $1966 SL $1956
TP1: $1970
TP2: $1978
TP3: $1985
Note the price resistance zone: SELL 1994-1996
🔥SELL GOLD zone: $2006 - $2004 SL $2015
TP1: $1995
TP2: $1982
TP3: $1970
⭐️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