️ NOVA hello everyone, Let’s comment on gold price next week from 9/23 – 9/27/2024
World situation:
Gold prices surged past $2,600 to a new record high, fueled by expectations of further rate cuts from the Federal Reserve (Fed) and rising tensions between Israel and Hezbollah. XAU/USD is trading at $2,621, up 1.37%.
Risk aversion is evident as Wall Street’s major indices posted slight losses. Fed Governor Christopher Waller supported a 50-basis-point rate cut, expecting low August PCE inflation data.
Identify:
FOMO to create new ATH for XAU is still very large – continue to expect higher price zones next week, before the market corrects again. New ATH target: 2643-2665
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: $2638, $2650, 2665
Support : $2584, $2558, 2529
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