βοΈ NOVA hello everyone, Let's comment on gold price next week from 11/3 - 15/3/2024
π₯ World situation: The price of gold (XAU/USD) surged to a brand new record high above $2,180 during the early New York session on Friday. This was driven by a decrease in yields on 10-year US bonds, which fell to 4.04% after the release of the US NFP data. Market expectations for the Federal Reserve (Fed) to lower interest rates in the June policy meeting have increased due to a significant slowdown in wage growth and a higher Unemployment Rate.
According to the United States Bureau of Labor Statistics (BLS), the Unemployment Rate rose to 3.9%, surpassing expectations. The previous reading was 3.7%. However, Nonfarm Payrolls (NFP) for February exceeded expectations at 275K, compared to a forecast of 200K. Nonetheless, it remained lower than the previous reading of 353K.
π₯ Identify: FOMO from the markets during the week was huge. Along with the US economic news, which is mostly beneficial for Gold, it pushes the price of Gold up and increases sharply
This week, NOVA expects an inevitable DOWN correction for Gold
π₯ 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: $2200, $2210, $2220 Support : $2132, $2110
π₯ 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