Bad news coming to Gold - price DOWN

✍️ NOVA hello everyone, Let's comment on gold price next week from 6/10 - 6/14/2024

🔥 World situation:
Gold prices dropped to a four-week low due to strong US labor market and China's halt in gold purchases. XAU/USD traded at $2,295, resulting in a more than 3% decrease. The latest US Nonfarm Payrolls report showed an increase in workforce but also an uptick in the Unemployment Rate and slight rise in Average Hourly Earnings.

🔥 Identify:
Gold prices had a sudden drop at the weekend, negative news that China's central bank stopped gold reserves brought negative psychology to investors. Currently, the price is breaking through many support zones, so priority will be given to the DOWN trend

🔥 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: $2335, $2371
Support : $2278, $2260, $2210


🔥 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