Accumulate - gold price will continue to FALL

✍️ NOVA hello everyone, Let's comment on gold price next week from 12/02 - 12/06/2024
🔥 World situation:
Gold prices edged higher late in the North American session on Friday, gaining 0.67%, though still on track for a monthly decline of over 3%. Geopolitical concerns continue to influence market movements, with the non-yielding metal hovering near $2,600. XAU/USD is currently trading at $2,652, rebounding from a daily low of $2,634.
Tensions in the Middle East eased slightly after Israel and Lebanon reached a ceasefire agreement. However, both nations have since accused each other of breaching the terms of the deal.
🔥 Identify:
Gold price is still accumulating, sideways below 2680, moving within 2 H4 trendlines. In the context of the end of 2024, profit taking by investors will take place, gold price will continue to be under selling pressure.
🔥 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: $2680, $2720, 2755
Support : $2607, $2584, $2540
🔥 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
Trade activeStrong decline at the beginning of the week in gold prices.
（Source from: TV-By Nova-Scalper）