XAU continues sideways - accumulate waiting for new ATH 2705

6 oct.

✍️ NOVA hello everyone, Let's comment on gold price next week from 10/07 - 10/11/2024

🔥 World situation:
Gold prices pulled back after a stronger-than-expected US jobs report suggested that the labor market remains robust, indicating the Federal Reserve (Fed) may ease policy in smaller 25-basis-point increments. Currently, XAU/USD is trading at $2,643, down 0.40%.

The US Bureau of Labor Statistics (BLS) reported strong job growth for September, easing concerns about the labor market. This reduced pressure on the Fed, which had previously cut interest rates by 0.50% in September amid concerns about reaching its maximum employment goal.

🔥 Identify:
Gold price is sideways - accumulating in a large range of 2625 - 2681. The uptrend on the H4 frame is still stable and waiting for new momentum to reach the next new ATH. In the context of escalating Middle East tensions - gold price continues to increase strongly this year.

🔥 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: $2671, $2685, $2705
Support : $2626, 2588


🔥 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

6 oct.

Transaction en cours

Gold price is likely to continue sideways in the 2635-2670 range on Monday and Tuesday. There is not too much US economic news.