Gold price adjusts below $2,300 next week
✍️ NOVA hello everyone, Let's comment on gold price next week from 4/29 - 5/3/2024
🔥 World situation:
Gold price falls as US inflation data exceeds expectations, dampening hopes of Fed rate cuts. Annual underlying inflation rises to 2.7% but slows from February's 2.8%. Monthly inflation in line with expectations. Positive for bond yields and USD.
🔥 Identify:
Gold price has formed the DOW theory and is in a FIBONACCY correction. Expect prices below $2,300 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: $2400, $2430, $2455
Support : $2284, $2212
🔥 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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