The decline at the beginning of the week continues

24 ก.ค. 2023

Smart investment, Strong finance

GOLDEN INFORMATION:
During the Asian session on Monday, the price of gold faced difficulties in gaining momentum. Currently, the XAU/USD pair is trading just below the $1,960 mark, representing a 0.11% decrease for the day. Market participants are eagerly waiting for the Federal Open Market Committee (FOMC) meeting and the press conference by Fed Chairman Jerome Powell. These upcoming events have the potential to significantly impact the price of gold, which is denominated in USD.

On Wednesday, the Federal Reserve (Fed) will announce the outcome of its monetary policy meeting. Market participants anticipate a 25 basis points (bps) increase in interest rates by the Fed. According to the CME FedWatch Tool, the likelihood of another rate hike by the Fed after the July meeting has risen to 28% from 15.9% last month. This increased probability, along with the possibility of further tightening of policies by the Fed and the European Central Bank (ECB), could act as a limiting factor for the upward movement of gold, which does not yield any interest.

Personal comments NOVA:
The decline at the beginning of the week continues, the price is tending to approach the 1950 support area before the interest rate announcement on Wednesday. Can scalping the 1950 support area.

SET UP GOLD PRICE:
BUY GOLD zone: $1949 - $1951 SL $1940
TP 1: $1965
TP2: $1980


Technical analysis:
Based on EMA 34, EMA 89 and strong support zone of 1950 to give a signal of scaping BUY 1950.

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