Pressure from the market, Gold continues to fall

Smart investment, Strong finance

GOLDEN INFORMATION:
During the Asian session on Wednesday, the price of gold experienced a slight upward movement, partially recovering from the significant drop it had suffered the day before, which had brought it to a three-week low of $1,941. However, the XAU/USD pair struggled to fully capitalize on this modest increase and is currently trading just below the $1,950 mark. Despite this limitation, it is still up by more than 0.20% for the day.

Fitch Ratings recently downgraded the United States' Long-Term Foreign-Currency Issuer Default Rating (IDR) from 'AAA' to 'AA+'. This decision was motivated by concerns over anticipated fiscal deterioration in upcoming years as well as an erosion of governance and an increasing general debt burden. As a result of this announcement, investors have become more cautious about taking risks with their assets. This caution has been reflected in a slight decline in US equity futures and has provided some support for gold prices due to its status as a traditional safe-haven asset. Additionally, there has been some selling pressure on the US Dollar (USD) throughout intraday trading sessions which further contributes to supporting XAU/USD prices during this period.

Personal comments NOVA:
News of the week continuously favors the USD, gold price has a strong downtrend, predicting that the downtrend will still prevail during the week

SET UP GOLD PRICE:
SELL GOLD zone: $1955 - $1958 SL $1965
TP 1: $1945
TP2: $1930

BUY GOLD zone: $1931 - $1929 SL $1920
TP1: $1940
TP2: $1950

Technical analysis:
Based on technical analysis indicators EMA34, EMA89, downtrend line and support and resistance areas to give the safest signal.

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 approaching the SELL entry zone 1955

Comment:

price is still sideways around 1945-1955. Short scalping is the strategy at the moment

Comment:

The price is approaching the SELL entry zone 55-58

Comment:

missing 7pips to match entry and price crashed, exactly trending

Comment:

Accurate confirmation: price collapsed from the 1954.7 zone to the 193x zone, Canh Buy in the 1929-1931 zone

Comment:

Unfortunately, the price hit 1932 and rallied. The price needs to accumulate enough force to continue the trend more clearly, sideways in the 1935-1940 price zone

Comment:

price after hitting the support 1930-1932, the price reaction turned momentary. Will take a short range sideways to look at the market before a more obvious trend move

Comment:

Update order :
BUY XAU zone 1935- 1937 SL 1930

TP : 1943, 1950

Comment:

+ 25 PIPS FROM ENTRY 1935