Will the interest rate cut in late 2024 happen? XAU UP OR DOWN

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✍️ NOVA hello everyone, Let's comment on gold price next week from 12/16 - 12/20/2024

🔥 World situation:

Although gold posted some losses, it remains up nearly 1% for the week, supported by a mix of US economic data. While inflation figures were varied, the latest Initial Jobless Claims report strengthened investor confidence in a December rate cut by the Federal Reserve.

Attention now shifts to the Fed’s December 17-18 policy meeting, with traders pricing in a 93% likelihood of a 25 basis point cut, according to CBOT data. Following the announcement, all eyes will be on Fed Chair Jerome Powell’s press conference for insights into the policy direction for 2025.

🔥 Identify:
H4 is seeing price close to the bullish trendline - which will be validating the last rate cut of the year. There will be some upside but it will still be difficult to break above the 2723 price zone


🔥 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: $2678, $2723
Support : $2613, $2590, $2535



🔥 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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Absolutely accurate weekly PLAN, downtrend. Done 2590
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