Gold price adjusts to DOWN trend ! NEXT WEEK
✍️ NOVA hello everyone, Let's comment on gold price next week from 7/22 - 7/26/2024
🔥 World situation:
Gold price dropped over 1.50% to around $2,400 on Friday, potentially resulting in nearly 1% weekly loss from its record high of $2,483. The XAU/USD stands at $2,399 after peaking at $2,447. This fluctuation is linked to China's underperforming economy and speculation of Donald Trump's election win strengthening the US Dollar, which is projected to close the week up by 0.26%.
🔥 Identify:
Gold price reached a new ATH 2482 this week - an inevitable downward adjustment, the price increase momentum is still very large when the FED is about to cut interest rates and world military tensions are still high.
🔥 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: $2434, $2460, $2482
Support : $2357, $2320
🔥 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:
Gold price dropped over 1.50% to around $2,400 on Friday, potentially resulting in nearly 1% weekly loss from its record high of $2,483. The XAU/USD stands at $2,399 after peaking at $2,447. This fluctuation is linked to China's underperforming economy and speculation of Donald Trump's election win strengthening the US Dollar, which is projected to close the week up by 0.26%.
🔥 Identify:
Gold price reached a new ATH 2482 this week - an inevitable downward adjustment, the price increase momentum is still very large when the FED is about to cut interest rates and world military tensions are still high.
🔥 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: $2434, $2460, $2482
Support : $2357, $2320
🔥 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
Gold prices have shown to be a safe investment channel in recent years - reaching new ATHs. The war in the Middle East is still complicated - it is expected that gold will recover briefly at the beginning of the weekNote
DOWN trend below 2400 - Weekly plan is going in the right direction. + 110 pips , from 2401 , DOWN
Note
Gold price is under selling pressure as Trump's chances of becoming president are increasing - the possibility of cutting interest rates soon is not supported by Trump.Note
Gold price returned to the 2400 price range - retesting resistance after the break. Sideway creates large liquidity at this price rangeTrade active
PLAN DAY 7/23/2024
Personal comments NOVA:
Gold price is in a downward correction - sideways accumulation around the 2400 area. Wait for inflation data this week
SET UP GOLD PRICE:
BUY GOLD zone: $2384 - $2386 SL $2378
TP1: $2392
TP2: $2400
TP3: $2410
SELL GOLD zone: $2431 - $2433 SL $2438
TP1: $2422
TP2: $2410
TP3: $2400
Note
Given these circumstances, the anticipation of a dovish Federal Reserve (Fed) stance is expected to curb potential declines in the non-interest-bearing Gold price. Indeed, market participants appear assured that the US central bank will initiate a reduction in borrowing costs come September, with two additional rate cuts anticipated by the end of the year. This prospect has instigated a new decrease in US Treasury bond yields, causing a defensive stance among US Dollar (USD) bulls and thereby providing support to the precious metal. Therefore, it would be wise to wait for further indications of selling before strategizing for a continuation of the recent retracement from the historic high.Note
Gold price recovered to return to the $2410 - $2420 areaTrade active
PLAN DAY 7/24/2024
SET UP GOLD PRICE:
BUY GOLD zone: $2385 - $2383 SL $2378
TP1: $2390
TP2: $2395
TP3: $2400
SELL GOLD zone: $2432 - $2434 SL $2439
TP1: $2425
TP2: $2410
TP3: $2390
Note
Gold price increased slightly back to the 2420 area before today's PMI news (July 24, 2024)Note
+ 80 pips , signal PLAN DAY July 24 , SELL 2432-2434 . Resistance 2430Note
Correct Downtrend - Short positions are becoming clearerTrade active
update: PLAN DAY 7/25/2024 : XAU
SET UP GOLD PRICE:
BUY GOLD zone: $2350 - $2352 SL $2345
TP1: $2360
TP2: $2370
TP3: $2380
SELL GOLD zone: $2410 - $2412 SL $2417
TP1: $2395
TP2: $2380
TP3: $2370
Note
The downtrend still maintains in the H4 frame - touching the support zone 2350 -2355 is reactingNote
The bearish price reached the first target at support 2357 - then reacted to recover to the 2365 areaTrade active
update XAU / USD :
The price DECREASED to the support level: 2357, completing 2/3 of the target
The reaction recovered back to the 2380 area
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
Related publications
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
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
Related publications
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.