Gold price fell at the beginning of August

Smart investment, Strong finance

GOLDEN INFORMATION:
The early European session witnesses a loss of momentum for the price of gold, which hovers around $1,955. The XAU/USD pair experiences some downward pressure as tensions between the United States and China escalate over technology access, resulting in a strengthening US Dollar across all markets. Simultaneously, the US Dollar Index (DXY), an indicator measuring the Greenback's value against six major currencies, gains strength above 102.00.

On Monday, Chinese authorities released additional policy guidelines; however, no specific plans to revitalize their struggling economy and domestic consumption were announced. This lackluster activity data has increased pressure on officials to take action and left investors dissatisfied with the current situation.

Personal comments NOVA:
Through the current world economic situation, gold price many times could not overcome the resistance zone of 1975. Good news supporting the USD is also the reason why GOLD prices continue to fall this week

SET UP GOLD PRICE:
BUY GOLD zone: $1940 - $1942 SL $1930
TP 1: $1950
TP2: $1965


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

Comment:

price is still continuing sideways around 1955-1960

Comment:

Believes whether the price will drop to the 1940 area, Entry Buy analyzes

Comment:

Set up BUY gold 1940-1942

Comment:

+ 30 pips right now, from entry 1941.5

Comment:

After the news that the gold price PMI suffered a lot of negative influences, it was still around 1940, if it breaks through this zone and returns to 1920, it will be sooner or later.

Comment:

+ 90 pips, from entry 1941

Comment:

+ 50 pips , from entry SELL 1952

Trade active:

After the price has fluctuated on the 3rd day, today the price is still sideways in the zone 1945 - 1950

Comment:

SET UP : SELL GOLD price at : 1955-1957 SL 1965
TP1 : 1940
TP2: 1929

Comment:

the price almost touched the entry SELL 55 and collapsed

Comment:

The price collapsed strongly when affected by the US economic news, the dollar recovered. Gold price will continue to fall in the following days

Comment:

Unable to break through the support level of 1930, gold price needs to recover for a beat to accumulate enough strength before continuing the main downtrend

Comment:

Update order :
BUY XAU zone 1935- 1937 SL 1930

TP : 1943, 1950

Comment:

+ 25 PIPS FROM ENTRY 1935