Gold price in UP trend line !! XAU

✍️ NOVA hello everyone, Let's comment on gold price next week from 4/15 - 4/19/2024

🔥 World situation:
Gold price ended the week with slight gains of 0.59% after reaching a record high during the North American session on Friday. The price movement was volatile due to geopolitical risks, which led to a surge in demand for safe-haven assets. As a result, the non-yielding metal rose to $2,431, a new all-time high, before declining due to overall strength in the US Dollar. Currently, the XAU/USD pair is trading at $2,343, down 1.18%.

According to reports, Iran is preparing to retaliate against Israel in response to an Israeli attack that resulted in the deaths of seven Iranian officials two weeks ago.

Furthermore, the latest US inflation data released on Wednesday and Thursday caused fluctuations in the value of gold. Following the release of the US Consumer Price Index (CPI), the non-yielding metal dropped to $2,303. However, this decline was short-lived as inflationary pressures eased after the Producer Price Index (PPI) report showed readings below market expectations for February.


🔥 Identify:
Gold price reached its highest peak at 2432, then decreased sharply. However, it is still within the 2-margin price uptrend line. Comments on Gold prices still have momentum to increase in price after the Israeli military tension escalated

🔥 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: $2398, $2430, $2450
Support : $2305, $2230


🔥 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

Yorum:

Tensions in Iran may impact the price of Gold to increase