⭐️GOLDEN INFORMATION: Gold price (XAU/USD) is facing selling pressure for the fourth consecutive day on Wednesday, but it maintains a position above the weekly low. Recent sharp losses and signs of stability in global equity markets are affecting the appeal of gold as a safe haven. Additionally, slight strength in the US Dollar (USD) is putting more pressure on gold.
However, expectations for significant interest rate cuts by the Federal Reserve (Fed), coupled with ongoing recession concerns in the US, may prevent substantial gains for the Dollar. Moreover, worries about an economic slowdown in China and potential geopolitical tensions in the Middle East should continue to support gold prices and reduce the risk of further declines.
⭐️Personal comments NOVA: Gold price within range decreases H1 - sideway zone waiting for market stabilization within range 2370 - 2420
⭐️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
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Gold price sideway in Asian session price range 2385 - 2395
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Gold price still maintains sideway in the 2390 - 2400 range
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Gold price increased slightly above the 2400 area during the US session
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Gold price (XAU/USD) edges lower from a three-day high near $2,430 but holds above the key support level of $2,400. The precious metal’s near-term outlook remains firm on strong speculation that the Federal Reserve (Fed) will start reducing interest rates in September.
However, investors are divided about whether the Fed will exhibit aggressiveness in the process of pivoting to policy normalization by announcing a 50 basis point (bp) interest-rate reduction or will cut them by 25 bps.
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