⭐️GOLDEN INFORMATION: Gold price (XAU/USD) gains some positive traction during the Asian session on Monday and for now, seems to have snapped a three-day losing streak to sub-$2,400 levels, or a one-week low touched on Friday. The US political development over the weekend prompts fresh selling around the US Dollar (USD), which, along with bets for an imminent start of the Federal Reserve's (Fed) rate-cutting cycle in September, benefits the precious metal.
Apart from this, worries about slowing Chinese economic growth, geopolitical risks stemming from the protracted Russia-Ukraine war and the ongoing conflicts in the Middle East turn out to be another factor lending support to the safe-haven Gold price. The USD, however, lacks follow-through selling as investors await more cues about the Fed's policy path, which, in turn, will determine the next leg of a direcitonal move for the non-yielding yellow metal.
⭐️Personal comments NOVA: Gold price had a short recovery above the $2400 area at the beginning of Monday week - sideways accumulation around this support area
⭐️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
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Gold price sideways around the 2400 support zone - buying pressure is supporting the correction at the beginning of the week
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sideway European session price range 2400
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Gold price (XAU/USD) exhibits uncertainty near key support of $2,400 in Monday’s European session. The precious metal remains on tenterhooks amid growing speculation that Donald Trump-led-Republicans will win the United States (US) presidential elections in November.
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+ 45 pips , signal PLAN DAY BUY 2390-2392
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+ near 100 pips , signal PLAN DAY Buy 2390-2392
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Gold price continues its Downtrend - bears show determination
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