Gold price strategy early next week,opportunity or challenge?

✍️ NOVA hello everyone, Let's comment on gold price next week from , Last week of August

🔥 World situation:
Chair Powell emphasized the importance of caution in the upcoming meetings of the Federal Reserve (Fed). He acknowledged that contrary to expectations, the economy has not yet cooled down and therefore, the bank will continue to implement its restrictive policy. As highlighted in July, future decisions will heavily rely on incoming data. To assist investors in shaping their expectations, the Fed will receive both an additional Nonfarm Payrolls report and an inflation report for August. These key data points will be instrumental in guiding market projections.

🔥 Identify:
The last week of August is showing a recovery, trying to regain investors' confidence in precious metals. Gold price may have another rally in late August before starting the trend in early September.

🔥 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: $1915, $1935, $1950
Support : $1900, $1880, $1850

The last week of August may witness a recovery in gold prices

🔥 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

تعليق:

Next week with a lot of important news announced: HPI, Nonfarm, PCE, MPI...

Great influence on gold price and can clearly identify the main trend of gold in the second half of 2023

تعليق:

Scalping XAU:

SELL 1916 - 1918 SL1921

تعليق:

+ 45 pips , from entry 1917,6

تعليق:

The price has tried to recover but the selling force is high, the psychology of most investors is in favor of the price reduction

تعليق:

price tries to go back to test 1930 zone, buying volume is getting higher and higher

buy 1920 - 1922 sl 1916 tp 1930 , now

تعليق:

+ 30 pips , from entry Buy 1922

تم فتح الصفقة:

Scalping :

SELL XAU 1925 - 1927 , SL 1931

TP: 1918, 1910

تعليق:

+ 90 pips , from entry 1925

تم فتح الصفقة:

Sell XAU 1937-1939 SL 1941
TP : 1930, 1920

تعليق:

Gia is in the entry zone, expecting a drop in price today with much negative news for the Dollar

تعليق:

The market is slow, trading amplitude is low. Gold price is still in the SELL 1936 - 1938 entry, let's wait for the reaction after today's news

تعليق:

Price moved towards the 1950 resistance area, but immediately turned down. It shows that the selling pressure in this area is quite large. Temporarily gold price is still on the right track Nova week, the strong downward trend is about to start

تم فتح الصفقة:

SET UP : price gold before news

SELL 1950 - 1953 SL 1960
TP: 1945 , 1940, 1930

تعليق:

Gold price tends to decrease after the news of Core PCE Price Index m/m being announced, it is likely that tomorrow it will return to 193x.

تعليق:

The price approaches the 193x price range, exactly trending

تعليق:

Update: signal before news NF

🔥BUY GOLD zone: $1926 - $1923 SL $1915
TP 1: $1931
TP2: $1936
TP3: $1940

🔥SELL GOLD zone: $1953 - $1956 SL $1965
TP1: 1945
TP2: 1938
TP3: 1930

تعليق:

+ 55 pips, from entry 1952,9

تعليق:

+ 120 pips , from entry 1952,9 now

تم فتح الصفقة:

Next week there will be quite a bit of news affecting gold prices. The market will continue its downward trend

Comment: Moving towards the 1900, 1880 price range soon