Smart investment, Strong finance
Over the past week, global gold prices experienced a continued decline as both the US Dollar Index and 10-year Treasury yields saw consecutive increases for four weeks in a row.
American consumers have started to feel more pressure when it comes to managing their finances and saving money due to the ongoing rise in US interest rates. The Federal Reserve may need to halt its interest rate hikes in order to prevent the US economy from slipping into a recession.
Based on recent news forecasts, it appears that upcoming developments will not significantly affect the price of gold this week.
Personal comments NOVA:
With the Eurasian session, the gold price will not be much volatile, even in Monday and Tuesday there is no important news, it is forecasted that the gold price will still wait until the announcement of FOMC results to have a clearer trend. But the general opinion gold price can not recover this week
SET UP GOLD PRICE:
BUY GOLD zone: $1904 – $1902 SL $1895
TP 1: $1910
SELL GOLD zone: $1923 – $1925 SL $1932
Technically, the $ 1900 area is a major resistance area that many yuan are interested in to ensure that Gold does not fall into a deep decline afterwards.
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