⭐️GOLDEN INFORMATION: Gold prices (XAU/USD) slipped during the Asian session on Tuesday, halting a three-day rally to record highs. Repositioning ahead of the Federal Open Market Committee (FOMC) meeting helped the US Dollar recover from its yearly low, pressuring gold. However, expectations of a more aggressive rate cut by the Federal Reserve may continue to support gold.
Concerns over China's economic slowdown, US political uncertainty, and ongoing geopolitical risks in the Middle East may limit further losses for the safe-haven asset. Traders are likely to stay cautious ahead of key central bank meetings this week, including the Fed's decision on Wednesday, followed by the Bank of England and Bank of Japan later in the week.
⭐️Personal comments NOVA: Gold price decreased - adjusted before news of FOMC interest rate cut tomorrow. The Uptrend creating ATH is still highly likely to come
⭐️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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Gold price continued to sideways around the 2570 - 2590 range during the Asian session on Tuesday morning
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The psychology of waiting for FOMC tomorrow - sideway waiting. The most important news in September 2024
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Gold price adjusted slightly down around 2570 waiting for today's news
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Conflicting data - Gold price drops correction below 2570. Ahead of tomorrow's FOMC
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Price started to decrease - corrected as expected below the 2570 area