PMI continues to pressure Gold downward !!
⭐️Smart investment, Strong finance
⭐️GOLDEN INFORMATION:
Gold price (XAU/USD) continues to decline due to the Federal Open Market Committee (FOMC) minutes being interpreted as more hawkish. This has limited the upside potential for gold. The cautious approach of the US Federal Reserve to maintain its restrictive policy for longer has boosted the strength of the US dollar, putting downward pressure on gold. Traders will monitor the preliminary reading of the US Manufacturing and Services Purchasing Managers Index (PMI) for May, as a weaker reading could spark hopes of rate cuts by the Fed and support gold prices. Geopolitical tensions, uncertainties, and inflation concerns may also provide some support for gold in the short term. Other factors to watch include the Chicago Fed National Activity Index, weekly Initial Jobless Claims, New Home Sales, and comments from Fed's Bostic.
⭐️Personal comments NOVA:
Gold fell after yesterday's FOMC meeting - quite tough statements on inflation. When the Gold price reaches a new ATH peak, it is obvious that a downward adjustment will create more liquidity for the market, the price will continue to be under selling pressure today and tomorrow.
⭐️SET UP GOLD PRICE:
🔥BUY GOLD zone: $2347 - $2345 SL $2340
TP1: $2352
TP2: $2360
TP3: $2370
🔥SELL GOLD zone: $2403 - $2405 SL $2410
TP1: $2395
TP2: $2380
TP3: $2370
⭐️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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