The bears overwhelm the bulls in early August

Smart investment, Strong finance

GOLDEN INFORMATION:
The price of gold (XAU/USD) is holding onto slight gains after rebounding from its lowest levels in three weeks. However, the current position of the metal remains uncertain in attracting XAU/USD buyers as it remains below key support levels. Market participants are eagerly awaiting top-tier US employment data, which includes the ADP Employment Change and Nonfarm Payrolls.

Late on Tuesday, Fitch Ratings, a global credit rating agency, downgraded the US credit rating from AAA to AA+. Nevertheless, recent market speculation, particularly from prominent bankers, suggests that this downgrade is expected to have minimal negative impact on US fundamentals. As a result, this has challenged the prevailing risk-off sentiment and encouraged gold buyers.

Personal comments NOVA:
The negative news for gold is forecasted this week to continue, the price may recover a bit to gain enough strength before the DUMP drops sharply.

SET UP GOLD PRICE:
SELL GOLD zone: $1955 - $1958 SL $1968
TP 1: $1940
TP2: $1929


Technical analysis:
Based on technical indicators EMA 34.89 and Fibonaccy indicator have strong resistance entry at $1955 zone.

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

Comment:

The price is approaching the SELL entry zone 55-58

Comment:

gold price hit 54.5 and collapsed. Right on trend Nova

Comment:

The price plummeted to the 1930 area, as stated in the analysis, it's great, SELL 1955

Comment:

If instead of Sell 55, we Sell 54, now we have +200 pips, bad luck

Comment:

Downtrend is still dominant, Gold price may short-term sideway at 1930-1940

Comment:

Update order :
BUY XAU zone 1935- 1937 SL 1930

TP : 1943, 1950

Comment:

+ 25 PIPS FROM ENTRY 1935