Huge selling pressure - Gold price continues to DECREASE
✍️ NOVA hello everyone, Let's comment on gold price next week from 6/3 - 6/7/2024
🔥 World situation:
Gold (XAU/USD) slumped back into the $2,330s on Friday after the release of US Personal Consumption Expenditure (PCE) data for April. The data showed a decrease in core price pressures, with Core PCE cooling to 0.2% month-over-month. Analysts had expected it to remain unchanged at 0.3%. This unexpected decrease increased the likelihood of the Fed cutting interest rates sooner, which is positive for Gold as it reduces the opportunity cost of holding the non-yielding asset.
🔥 Identify:
Despite receiving positive economic news supporting Gold - the great selling pressure pushed Gold prices down immediately. Wait for the next support and decline areas next week
🔥 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: $2362, $2414
Support : $2306, $2282, $2250
🔥 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 (XAU/USD) slumped back into the $2,330s on Friday after the release of US Personal Consumption Expenditure (PCE) data for April. The data showed a decrease in core price pressures, with Core PCE cooling to 0.2% month-over-month. Analysts had expected it to remain unchanged at 0.3%. This unexpected decrease increased the likelihood of the Fed cutting interest rates sooner, which is positive for Gold as it reduces the opportunity cost of holding the non-yielding asset.
🔥 Identify:
Despite receiving positive economic news supporting Gold - the great selling pressure pushed Gold prices down immediately. Wait for the next support and decline areas next week
🔥 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: $2362, $2414
Support : $2306, $2282, $2250
🔥 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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