Gold price continues to have selling pressure - DOWN
✍️ NOVA hello everyone, Let's comment on gold price next week from 5/6 - 5/11/2024
🔥 World situation:
Gold's initial gains were wiped out on Friday due to disappointing Nonfarm Payrolls data from the US Bureau of Labor Statistics, indicating a slower jobs market. Despite briefly nearing a daily high of $2,310, it didn't surpass May 2’s high of $2,326 and retreated to current spot prices. The XAU/USD remains stable at around $2,300. Optimism on Wall Street diminishes the appeal of gold as a safe-haven asset. Notably, US Treasury yields and real yields are declining, affecting gold prices inversely.
🔥 Identify:
During Gold's correction - there is a lot of selling pressure. The Fed's interest rate is not too surprising. There will not be much fluctuation this week, mainly sideways in the DOWN trend
🔥 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: $2347, $2400
Support : $2272, $2237, $2205
🔥 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's initial gains were wiped out on Friday due to disappointing Nonfarm Payrolls data from the US Bureau of Labor Statistics, indicating a slower jobs market. Despite briefly nearing a daily high of $2,310, it didn't surpass May 2’s high of $2,326 and retreated to current spot prices. The XAU/USD remains stable at around $2,300. Optimism on Wall Street diminishes the appeal of gold as a safe-haven asset. Notably, US Treasury yields and real yields are declining, affecting gold prices inversely.
🔥 Identify:
During Gold's correction - there is a lot of selling pressure. The Fed's interest rate is not too surprising. There will not be much fluctuation this week, mainly sideways in the DOWN trend
🔥 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: $2347, $2400
Support : $2272, $2237, $2205
🔥 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
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
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