✍️ NOVA hello everyone, Let's comment on gold price next week from 7/22 - 7/26/2024
🔥 World situation:
Gold price dropped over 1.50% to around $2,400 on Friday, potentially resulting in nearly 1% weekly loss from its record high of $2,483. The XAU/USD stands at $2,399 after peaking at $2,447. This fluctuation is linked to China's underperforming economy and speculation of Donald Trump's election win strengthening the US Dollar, which is projected to close the week up by 0.26%.
🔥 Identify:
Gold price reached a new ATH 2482 this week - an inevitable downward adjustment, the price increase momentum is still very large when the FED is about to cut interest rates and world military tensions are still high.
🔥 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: $2434, $2460, $2482
Support : $2357, $2320
🔥 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