✍️ 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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