Bulls try to recover gold price this week

Smart investment, Strong finance

GOLDEN INFORMATION:
The price of gold is currently struggling to maintain its momentum from the previous day, hovering around $1,895 during the Asian session on Tuesday. The XAU/USD pair has the potential to break its four-week losing streak thanks to a weakening US Dollar (USD). However, sellers of gold remain cautious in light of several factors that could counterbalance this decline. These factors include an increase in risk aversion in the market, high United States (US) Treasury yields, and economic challenges faced by China. They all have the potential to influence the price action of gold.

Market sentiment regarding inflation outlook is causing downward pressure on the price of gold. Investors anticipate a 25 basis points (bps) interest rate hike at September's meeting by US Federal Reserve (Fed). This anticipation may push buyers towards a more hawkish sentiment for USD due to positive US economic data. As a result, this could pose as a challenge for gold prices moving forward.

Personal comments NOVA:
Gold price tends to recover slightly around the 1890-1900 mark but the buying power is weak, the bull phase is trying to push the price ahead of the upcoming strong downtrend.

SET UP GOLD PRICE:
SELL GOLD zone: $1900 - $1903 SL $1907 ( scalping )
TP 1: $1895
TP2: $1890

SELL GOLD zone: $1912 - $1915 SL $1925
TP1: $1900
TP2: $1882


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

Komentar:

+ 30 pips , from entry SELL 1902

Komentar:

+ 60 pips , from entry 1903 , great