⭐️GOLDEN INFORMATION: Gold prices surged past $2,500 per ounce on Wednesday, driven by rising tensions in the Middle East. Fed Chair Jerome Powell's recent comments at Jackson Hole, hinting at imminent rate cuts, also boosted the metal, as lower rates make gold more appealing by reducing the cost of holding it.
Investors are now looking to Fed officials Christopher Waller and Raphael Bostic, who will speak on Wednesday, for further clues on interest rates. Attention will then turn to the Q2 GDP and PCE data due later this week. Stronger-than-expected results could strengthen the US Dollar and limit gold's gains.
⭐️Personal comments NOVA: The movement in the price fluctuation range above $2,500 creates very good momentum for Gold with a high possibility of reaching a new ATH.
⭐️Technical analysis: Based on technical indicators EMA 34, EMA89 and support resistance areas to set up a reasonable BUY 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 broke the H1 uptrend - returned below the 2510 area in the European wednesday session
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Gold price sideways around 2510 - still strong accumulation
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+ 25 pips, signal BUY plan day 2493-2495
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+ 50 pips, PLAN DAY BUY 2495-2493
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+ 130 pips, signal PLAN DAY BUY 2493-2495
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Still not unexpected - Gold price continues to sideways around the 2490-2520 area
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