Will the rise in gold prices last? XAU BUY?

✍️ NOVA hello everyone, Let's comment on gold price next week from 18-22/9/2023

🔥 World situation:
By the conclusion of the week, there will be a weekly increase in the Gold Spot price, rebounding from previous losses that caused it to reach a low of $1,900 and ultimately closing above $1,920.

Some signs and economic data are showing that the FED continues to raise interest rates to limit inflation. Influencing investors' decisions on the dollar. The opportunity for gold prices to increase slightly will be available next week

🔥 Identify:
Before the last Prelim UoM Consumer Sentiment news this week, gold prices increased after bad news for the US economy, which is a sign that the US economy will suffer more bad news next week.

🔥 Technically:
Based on the resistance and support areas of the gold price according to the H4 frame, EMA34 - EMA89, NOVA identifies the important key areas as follows:

Resistance: $1931, $1940, $1952
Support : $1914, $1903, $1885

There will be a certain increase next week

🔥 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:

The price session at the beginning of the second week is always sideways, we can scalp the Asian session in the price range 1917-1925.

Trade active:

The price entered the SELL 1928-1930 entry zone, the resistance zone.

SELL signal is made

Comment:

+ 45 pips, from entry SELL 1930 , great

Comment:

+ 60 pips , from entry SELL 1930( zone 1920-1923)

Trade active:

The price increased sharply, surpassing the 1930 mark. Today or tomorrow the price will reach the next resistance mark 1940-1942. Entry SELL in this area will be activated

Trade active:

The price is moving towards the 1940 resistance area, this is a nice entry point to get a SELL signal

Comment:

The price has moved towards the 1937.5 area and the selling pressure is so great that the gold price returns to the 1931 mark. Need to wait for a clear signal to know the next trend tomorrow

Trade active:

Investors are exercising caution as they await the Federal Reserve's interest rate decision, resulting in gold price (XAU/USD) facing difficulties in making a significant move. The general expectation is for an unchanged monetary policy and a hawkish interest rate outlook due to the consistent decline of the Core Consumer Price Index (CPI), which plays a crucial role in determining the interest rate framework.

Let's wait for the interest rate information released by the largest US bank

Comment:

The price increased strongly through the 1940 resistance zone. It approached the 1950 resistance area and buying pressure decreased. Maybe the price is ahead of today's news, the uptrend has formed and is unlikely to surpass 1950 this week.

Comment:

witnessing the rapid collapse of gold prices, it was inevitable that the downtrend would return to the 1925 zone

Comment:

Gold price is still going in the trend as stated in the article, downtrend

Trade active:

UPdate: price Gold 21/9/23

SET UP GOLD PRICE:

BUY GOLD zone: $1921 - $1923 SL $1910
TP1: $1926
TP2: $1929
TP3: $1932

🔥SELL GOLD zone: $1934 - $1936 SL $1945
TP1: 1930
TP2: 1922
TP3: 1915

Comment:

Good news for Do, bad news for Gold. Gold prices continued to decline to the 1915 level and increased again. Nova still supports lower prices this week

Trade active:

SET UP GOLD PRICE:

SELL GOLD zone: $1931 - $1934 SL $1940
TP1: 1925
TP2: 1918
TP3: 1910