Military tensions - Gold prices continue to increase

✍️ NOVA hello everyone, Let's comment on gold price next week from 4/22 - 4/26/2024

🔥 World situation:
The price of gold surged to a new high above $2,400 as tensions between Israel and Iran in the Middle East escalated. The uncertainty surrounding the conflict led investors to seek the safety of gold, pushing prices up to $2,417 per troy ounce. However, the rally was short-lived as Tehran announced that it had no intention of retaliating.

Currently, XAU/USD is trading at $2,394, showing a gain of 0.70%. Gold experienced a volatile swing of $44.00 as traders processed the developments from Friday. Despite recent comments from Federal Reserve officials indicating a more neutral stance on inflation, the decline in US Treasury bond yields and the weakening US dollar are keeping gold prices supported.

🔥 Identify:
Gold price maintains a stable increase in the H4 time frame. Along with Middle East military tensions, Gold price continues to have a huge upward momentum.

🔥 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, $2468, $2487
Support : $2360, $2306



🔥 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 is at the moment of highest price momentum - the expected target exceeds the peak of $2430