Gold price dropped sharply below $2000, strong selling pressure

⭐️Smart investment, Strong finance

⭐️GOLDEN INFORMATION:
The price of gold (XAU/USD) has fallen below the psychological level of $2,000 during the early Asian session on Wednesday. The stronger inflation data in the United States has caused some selling pressure on gold, as it reduces expectations of an early interest rate cut. Currently, the price of gold is trading around $1,992, remaining unchanged for the day.

At the same time, the US Dollar Index (DXY), which measures the value of the USD against a basket of six major currencies, is trading near 104.85 after reaching a three-month high of 105.00. The US Treasury yields have increased, with the 10-year yield at 4.32% and the 2-year rate surging to 4.654%, marking the largest one-day increase since May 5, 2023.

⭐️Personal comments NOVA:
After yesterday's CPI news, Gold price dropped sharply, below $2000. Selling pressure is still very large, waiting for the recovery and SELL watch to continue for Gold

⭐️SET UP GOLD PRICE:

🔥BUY GOLD zone: $1980 - $1978 SL $1973
TP1: $1988
TP2: $1994
TP3: $2000

Pay attention to the $2005 resistance area

🔥SELL GOLD zone: $2013 - $2015 SL $2020
TP1: $2005
TP2: $1997
TP3: $1990

⭐️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

Comment:

Gold prices have not changed much in the Asian trading session on Tuesday morning, the price is around the 1992 range

Comment:

The price of gold (XAU/USD) is currently experiencing a period of bearish consolidation, staying below the significant $2,000 mark. It is hovering near a two-month low that was reached during the Asian session on Wednesday. Investors are now increasingly convinced that the Federal Reserve (Fed) will maintain higher interest rates for a longer duration due to the ongoing strength of the US economy and persistent inflation. This belief was reinforced by a US inflation report released on Tuesday, which exceeded expectations. As a result, US Treasury bond yields remain high, further weakening the value of gold, which does not generate any yield.

Comment:

There is still great selling pressure from US inflation continuing to rise

Comment:

Gold prices are sideway to the $1990 zone. The selling trend remains dominant

Comment:

Gold price tries to hold price zone above $1990, selling pressure tries to penetrate