Gold moves in a wide range, sideways
⭐️Smart investment, Strong finance
⭐️GOLDEN INFORMATION:
The price of gold (XAU/USD) is struggling to take advantage of the small gains made the previous day and is moving within a narrow range around the $2,170 mark during the Asian session on Tuesday. However, caution is advised before placing aggressive bearish bets on the precious metal and expecting a continuation of the recent significant decline from the record high near the $2,223 area reached last Thursday.
Last week, the Federal Reserve (Fed) projected a less restrictive monetary policy in the future and indicated that it remains committed to reducing interest rates by 75 basis points this year. As a result, the US Dollar (USD) bulls are on the defensive, which benefits the non-yielding gold price. Additionally, escalating geopolitical tensions are supporting the safe-haven XAU/USD and should help limit any significant downward movement.
⭐️Personal comments NOVA:
The price range of $2150 - $2190 becomes the sideway range of Gold price, waiting to break the trend
⭐️SET UP GOLD PRICE:
🔥BUY GOLD zone: $2150 - $2152 SL $2145
TP1: $2160
TP2: $2170
TP3: $2180
🔥SELL GOLD zone: $2188 - $2190 SL $2195
TP1: $2180
TP2: $2170
TP3: $2160
⭐️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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