✍️ NOVA hello everyone, Let's comment on gold price next week from 25 - 30/9/23
🔥 World situation:
After reaching a weekly low of $1913.99, the price of gold has experienced a slight recovery, but it is still struggling to surpass strong resistance around the 50-day moving average (DMA) at $1929.79. The upward movement in XAU/USD's price can be attributed to factors such as declining US T-bond yields and an optimistic market sentiment. Currently, the spot price stands at $1924.56, with gains of 0.25%.
Despite the presence of a solid US Dollar, gold prices continue to rise due to the reversal in US bond yields. The coupon for the US 10-year benchmark note has reversed from its 16-year high of 4.51% and now hovers around 4.44%. As a result, real yields in the United States have slightly decreased by five basis points from 2.11% to 2.06%.
🔥 Identify:
Gold price is still forming a pattern of decreasing resistance and support in the H4 frame and the decreasing trendline in the D1 frame is increasingly clear. The improvement in US economic parameters in the second half of 2023 is the main impact on the falling price of gold.
🔥 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: $1936, $1950
Support : $1915, $1902, $1885
Still prioritizing the downtrend 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