Gold price continues to go sideways - adjusting downward
⭐️Smart investment, Strong finance
⭐️GOLDEN INFORMATION:
Gold prices (XAU/USD) reversed course from near-record highs and dropped below the $2,500 level after Friday's US jobs report. The mixed data lowered expectations of a 50 basis point rate cut by the Fed, leading to some US Dollar recovery and putting pressure on gold.
However, fears of a US economic downturn and ongoing conflict between Israel and Hamas kept demand for safe-haven assets like gold steady. These factors, along with the potential start of the Fed’s rate-cutting cycle, caution against a bearish outlook for XAU/USD.
⭐️Personal comments NOVA:
Gold price adjusts to a short-term decrease - creating more liquidity for the expectation of price increase to create a new ATH
⭐️SET UP GOLD PRICE:
🔥BUY GOLD zone: $2472 - $2470 SL $2465
TP1: $2480
TP2: $2490
TP3: $2500
🔥SELL GOLD zone: $2505 - $2507 SL $2512
TP1: $2498
TP2: $2490
TP3: $2480
⭐️Technical analysis:
Based on technical indicators EMA 34, EMA89 and support resistance areas to set up a reasonable SELL 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
source https://www.tradingview.com/chart/XAUUSD/IdWtMlZX-Gold-price-continues-to-go-sideways-adjusting-downward/
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