Will the price of Gold continue to DECREASE or not?

#XAU/USD#

⭐️Smart investment, Strong finance

⭐️GOLDEN INFORMATION:
Gold prices made modest gains during the North American session on Thursday, increasing by over 0.5% after the release of important economic data from the United States (US). The GDP figures for the first quarter of 2024 fell short of expectations, leading to speculation that the US Federal Reserve (Fed) may reduce borrowing costs. However, there was a significant jump in inflation for the same period, which could delay the Fed's plans to lower interest rates.

XAU/USD is trading at $2,330 after rebounding from daily lows of $2,305, thanks to higher US Treasury yields resulting from a resurgence in inflation. Analysts had predicted that the US economy would slow down in 2024, but it missed the mark by a whole percentage point in Q1. This would maintain the narrative of a "soft landing," but underlying inflation for Q1 2024 increased by 3.7% QoQ, surpassing estimates and overshadowing the 2% recorded in Q4 2023.

⭐️Personal comments NOVA:
Gold's DOWN correction wave is forming, FIBONACCY shows that wave 2 is developing.

Currently, the price continues to fluctuate sideways from $2300 - $2350

⭐️SET UP GOLD PRICE:

🔥BUY GOLD zone: $2300 - $2302 SL $2295
TP1: $2315
TP2: $2330
TP3: $2345


🔥SELL GOLD zone: $2347 - $2349 SL $2355
TP1: $2340
TP2: $2325
TP3: $2310

⭐️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