XAU ATH before the US presidential election

✍️ NOVA hello everyone, Let's comment on gold price next week from 10/28 - 11/1/2024

🔥 World situation:
Gold prices hold steady late in the North American session before the weekend, rising 0.18% after reaching a record high of $2,758 on Wednesday. Heightened Middle East tensions and uncertainty around the upcoming US elections are steering traders toward the safe-haven metal, with XAU/USD currently trading at $2,740.

Geopolitical issues have overtaken US economic data as the primary influence on gold’s movement. Tensions remained high Friday between Israel and Hezbollah near the Israel-Lebanon border, with Israeli officials reporting that around 45 missiles were launched by the group.


🔥 Identify:
Short-term sideways adjustment in the price range of 2710-2750, gold price continues to expect to reach a new ATH before the US presidential election

🔥 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: $2759, $2782, $2805
Support : $2708, $2680



🔥 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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