Need a rebound before a strong DOWN

Smart investment, Strong finance

GOLDEN INFORMATION:
The price of gold is facing difficulties in gaining momentum during the Asian session on Tuesday and remains close to its lowest level since June 6, which was reached the previous day. Although XAU/USD is managing to stay above $1,900 for now, there is still a bias towards bearish traders, indicating the possibility of a further decline in the coming weeks.

The US Dollar (USD) is playing a significant role in undermining the price of gold. The growing belief that the Federal Reserve (Fed) will maintain higher interest rates for an extended period supports increased yields on US Treasury bonds and continues to bolster the strength of the Greenback. Market participants are convinced that the Fed will adhere to its hawkish stance and have already factored in a 25 basis points (bps) increase by year-end.

Personal comments NOVA:
Gold price has had 2 approaches to support $1902 but failed, if it breaks, it will DOWN quite strongly, but need a bounce before continuing the trend to $1885.

SET UP GOLD PRICE:
BUY GOLD zone: $1899 - $1902 SL $1890
TP 1: $1910
TP2: $1920

SELL GOLD zone: $1922 - $1919 SL $1930
TP1: 1912
TP2: 1895

Technical analysis:
Based on technical indicators EMA 34, EMA89 and support resistance areas to set up a reasonable BUY order.

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:

price is moving towards 1902 entry zone, hard support at this zone

Commentaire:

+ 120 pips , from entry 1899