⭐️GOLDEN INFORMATION: Meanwhile, XAU/USD demonstrated some strength beneath the 50-day SMA, buoyed by anticipation that the Fed will commence its rate-cutting cycle in September. This has kept the USD subdued below a two-week peak reached on Wednesday, helping Gold to draw in some buyers. However, upward momentum appears constrained as traders await the upcoming US PCE Price Index release on Friday, which could signal the Fed's policy direction. This data will likely influence USD demand and inject new momentum into the non-interest-bearing gold market.
⭐️Personal comments NOVA: Gold price H4 frame completes wave 5 ELLIOT, will sideways stabilize below 2400 creating more liquidity for the market
⭐️Technical analysis: Based on technical indicators EMA 34, EMA89 and support resistance areas to set up a reasonable BUY 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
Comment
Gold price sideway around 2370 before today's PCE news
Comment
PCE data is as expected by experts - the price is showing a slight increase back to the 2380 area
Comment
Gold price increased to 2390 area after PCE news
Comment
The resistance zone of 2390-2400 pays attention to the liquidity area. The trend continues to decline at the beginning of next week
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