Downtrend, short-term Sideway 1940

5 ก.ย. 2023

⭐️Smart investment, Strong finance

⭐️GOLDEN INFORMATION:
For the second consecutive day, the price of gold is trading with a negative bias. However, there has been no significant follow-through in this downward movement and the price remains within a familiar range that it has held for about a week. Currently, the XAU/USD pair is just below $1,940, experiencing a decrease of less than 0.10% for the day. Various factors are putting pressure on gold.

Although there are indications that labor market conditions in the United States (US) are improving, it is widely anticipated that the Federal Reserve (Fed) will maintain higher interest rates for an extended period of time. Additionally, market expectations still include one more increase of 25 basis points by year-end. As a result, US Treasury bond yields remain high and this provides some support to the US Dollar (USD), while simultaneously undermining gold's value as it does not offer any yield itself.

⭐️Personal comments NOVA:
The downward trend this week is showing even more clearly, because there is not much impactful news this week. Gold price will sideways the 1930 - 1945 price range in the first days of the week of September 1

⭐️SET UP GOLD PRICE:

🔥SELL GOLD zone: $1944 - $1947 SL $1952
TP1: 1940
TP2: 1936
TP3: 1930

⭐️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