Heading towards new ATH zones for Gold

✍️ NOVA hello everyone, Let's comment on gold price next week from 5/20 - 5/24/2024

🔥 World situation:
Speculation about the Federal Reserve potentially lowering rates in 2024 resurfaced, but Fed officials remain cautious and emphasize that one positive inflation reading is not sufficient. Market expectations for a rate cut decreased slightly, according to the fed funds rate December 2024 futures contract.


🔥 Identify:
Gold price grew strongly last week according to H4 chart, still an optimistic sentiment for the Gold market. The world military situation is still more tense than ever, Gold prices continue to increase sharply to reach new ATH

🔥 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:

Resistance: $2430, $2457, $2483
Support : $2395, $2370, $2330


🔥 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

Kommentera:

Gold Price has reached a new ATH of $2440