Bears still dominate the week, 7/8/2023

7 авг. 2023 г.

Smart investment, Strong finance

GOLDEN INFORMATION:
The price of gold has recently experienced a downward trend, with predictions suggesting it may reach the $1900 mark. The increase in gold prices on Friday was accompanied by a decrease in open interest, indicating that further gains may not be likely at this time. If losses continue to escalate, it is anticipated that the precious metal will encounter significant resistance around the $1900 range per troy ounce.

Personal comments NOVA:
The candlestick pattern still favors the short-term increase, but before the positive of the dollar, the gold price still keeps the downtrend.

SET UP GOLD PRICE:
SELL GOLD zone: $1954 - $1957 , SL $1965
TP 1: $1940
TP2: $1925


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