✍️ NOVA hello everyone, Let's comment on gold price next week from 7/15 - 7/19/2024
🔥 World situation:
Gold's price remained over $2,400 after dropping to a daily low of $2,391. The metal's value is predicted to rise for the third week amid speculation that the Federal Reserve may start easing in September. Despite higher-than-expected factory prices, the dollar didn't strengthen, benefiting gold. The XAU/USD stands at $2,415. June's Producer Price Index exceeded predictions while July's preliminary consumer sentiment reading from the University of Michigan declined, but inflation expectations have eased.
🔥 Identify:
Gold price moves in the final wave (wave 5) in the long-term bullish model H4. Target to break the highest peak of 2451 and create a new peak
🔥 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: $2422, $2450, $2466
Support : $2392, $2357
🔥 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