✍️ NOVA hello everyone, Let's comment on gold price next week from 7/29 - 8/2/2024
🔥 World situation: Gold price makes a U-turn after diving to two-week lows of $2,353 edges higher some 0.80% as market participants seem secure the Federal Reserve will lower interest rates at the September meeting, following a soft inflation report. The XAU/USD trades at $2,385 after bouncing off daily lows of $2,356.
The US Bureau of Economic Analysis (BEA) revealed that the Fed’s favorite inflation gauge, the Personal Consumption Expenditure Price Index (PCE), ticked a tenth higher monthly than May’s data. It dipped as foreseen in the twelve months to June, though it’s at the brisk of hitting the Fed’s 2% goal.
🔥 Identify: Gold price has formed a DOWN trend - wave 5 ELLIOT. Still in DOWN trend. NF data will largely determine the upcoming trend - before the interest rate cut information in September 2024
🔥 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: $2400, $2430, $2482 Support : $2355, $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
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Wait for a retest of the 2400 area then continue to decrease in Gold price
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Price increased at the beginning of the week - returning to the large liquidity resistance area of 2400