The bears are still dominating on the Fed news

Smart investment, Strong finance

GOLDEN INFORMATION:
A combination of factors is contributing to the positive performance of the safe-haven Gold price. The potential risks of a recession, escalating tensions between the US and China, and geopolitical uncertainties are dampening the recent market optimism. Concerns about a global economic downturn have been reignited by the disappointing Purchasing Managers' Index (PMI) data for July, which indicated a widespread decline in business activity in the Euro Zone, the United Kingdom, and the United States. As a result, investors are turning to Gold as a safe-haven asset.

Personal comments NOVA:
The downtrend is still dominant around the 1955 level before the Fed interest rate news on Wednesday. But according to NOVA, the gold price will bounce back after the interest rate is announced, the US economy is still struggling to create favorable conditions for the gold price to return.

SET UP GOLD PRICE:
SELL GOLD zone: $1964 - $1966 SL $1975
TP 1: $1958
TP2: $1950

BUY GOLD PRICE: $1948- $1950 SL 1940
TP1: 1965
TP1: 1980

Technical analysis:
Based on the technical averages EMA34, EMA89 and the support zone of 1950 for personal opinion.

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

Commentaire:

+40 PIPS from entry 1964