Gold price in the context of tense war

✍️ NOVA hello everyone, Let's comment on gold price next week from 15/1 - 19/1/2024

🔥 World situation:
Traders purchased Gold as a result of the intensification of the conflict in the Middle East. Additionally, the rise in demand for the precious metal was driven by the decrease in yields of US Treasury bonds. This was fueled by expectations that the US Federal Reserve would implement substantial interest rate cuts, potentially as early as March.

🔥 Identify:
In the context of increasing US military tensions with the Middle East, creating a great premise for Gold prices to increase sharply despite economic data. That is an important factor to believe that Gold prices will continue to increase next week

🔥 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:

New Resistance: $2074, $2140
Support : $2015, $1990

🔥 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:

Military tensions are always a premise for Gold prices to increase, so next week we will have to wait and see how strong the price fluctuations are