Continue the DOWN trend next week !! XAU
Updated
✍️ NOVA hello everyone, Let's comment on gold price next week from 19/2 - 23/2/2024
🔥 World situation:
In the meantime, there were updates from Federal Reserve officials, specifically Atlanta's Fed President Raphael Bostic and San Francisco Fed President Mary Daly. Bostic emphasized the need for patience and predicted that there could be two rate cuts in the summer if the data supports it. Daly acknowledged that there is work to be done and cautioned against acting hastily when patience is required, instead advocating for agility in response to the evolving economy.
Both officials recognized that inflation is trending downward but remain cautious about the timing of implementing policy easing.
Considering the underlying factors, the price of Gold would be influenced by the outlook of the US economy. An increase in inflation could lead to a rise in US Treasury bond yields, resulting in further downside for XAU/USD. On the other hand, if inflation continues to align with the Fed's 2% target, this could create an opportunity for rate cuts, which would impact the appeal of the Greenback. Consequently, the upside potential for XAU/USD is anticipated.
🔥 Identify:
The slight recovery this week has helped Gold prices return to above $2010. But still within the bearish trendline. Selling pressure next week will continue to weigh on Gold prices
🔥 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: $2037, $2053
Support : $1987, $1974
🔥 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:
In the meantime, there were updates from Federal Reserve officials, specifically Atlanta's Fed President Raphael Bostic and San Francisco Fed President Mary Daly. Bostic emphasized the need for patience and predicted that there could be two rate cuts in the summer if the data supports it. Daly acknowledged that there is work to be done and cautioned against acting hastily when patience is required, instead advocating for agility in response to the evolving economy.
Both officials recognized that inflation is trending downward but remain cautious about the timing of implementing policy easing.
Considering the underlying factors, the price of Gold would be influenced by the outlook of the US economy. An increase in inflation could lead to a rise in US Treasury bond yields, resulting in further downside for XAU/USD. On the other hand, if inflation continues to align with the Fed's 2% target, this could create an opportunity for rate cuts, which would impact the appeal of the Greenback. Consequently, the upside potential for XAU/USD is anticipated.
🔥 Identify:
The slight recovery this week has helped Gold prices return to above $2010. But still within the bearish trendline. Selling pressure next week will continue to weigh on Gold prices
🔥 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: $2037, $2053
Support : $1987, $1974
🔥 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
Note
Monday bank holiday, there are not many factors affecting the price of Gold
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
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