Retracement for the downtrend in the first week of August

3 авг. 2023 г.

Smart investment, Strong finance

GOLDEN INFORMATION:
During the Asian trading session on Thursday, there was a slight increase in the price of gold, reversing some of the losses from the previous day and reaching a three-week low at around $1,933-$1,932. Currently, XAU/USD is showing a small positive bias and trading around the $1,937-$1,938 range. It has gained approximately 0.20% for the day so far; however, a significant upward movement still appears to be unlikely.

The US Dollar (USD) is currently experiencing a period of bullish consolidation and maintaining a subdued/range-bound price action near its highest level since July 7th. This development is considered to be one of the main factors providing support for gold priced in USD. On the other hand, downside pressure on USD remains limited due to growing expectations that the Federal Reserve (Fed) will maintain higher interest rates for an extended period. Consequently, traders may refrain from placing aggressive bullish bets and this could restrict further gains for gold which does not yield any interest income.

Personal comments NOVA:
Price continues to fall on the 4th day to the 1930 level, there will be a slight recovery but the main trend is still down

SET UP GOLD PRICE:
BUY GOLD zone: $1927 - $1925 SL $1915
TP 1: $1935
TP2: $1950

SELL GOLD zone: $1952 - $1954 SL $1965
TP1: 1935
TP2: 1920

Technical analysis:
Based on technical indicators EMA 34, EMA89 and support resistance areas to set up a reasonable BUY, 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