Will there be a short-term recovery in Gold?

⭐️Smart investment, Strong finance

⭐️GOLDEN INFORMATION:
The People's Bank of China (PBoC) stopped buying gold in May, after 18 months of continuous purchases. This has weakened the price of gold. However, there is some support for the safe-haven XAU/USD due to a cautious market mood. Traders are hesitant to make aggressive bets before important US data and central bank events this week, such as the release of consumer inflation figures and the outcome of the FOMC policy meeting on Wednesday. Therefore, caution is advised before expecting further losses.

⭐️Personal comments NOVA:
Gold price suffered a lot of bad news and broke many support zones. The downtrend and investors' psychology will cause the price to continue DOWN

⭐️SET UP GOLD PRICE:

🔥BUY GOLD zone: $2270 - $2268 SL $2263
TP1: $2280
TP2: $2290
TP3: $2300

🔥SELL GOLD zone: $2320 - $2322 SL $2325 SCALPING
TP1: $2315
TP2: $2307
TP3: $2300

🔥SELL GOLD zone: $2338 - $2340 SL $2345
TP1: $2330
TP2: $2315
TP3: $2300

⭐️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

Comentário:

Gold price decreased slightly and returned to the 2290 area during the Asian session

Comentário:

Gold price is sideways around the 2290-2300 range

Comentário:

Gold price is close to the 2300 price range before the US session

Comentário:

Gold price recovered and increased near 2310, the recovery created liquidity for sellers

Comentário:

Gold price recovered in the short term before the FED's interest rate information