Accumulation declines - gold price moves sideways

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GOLDEN INFORMATION:

Gold (XAU/USD) extends its intraday rejection slide from the $4,100 mark and moves further away from a one-week high, touched the previous day. The US Dollar (USD) regains positive traction following Wednesday's post-FOMC decline and is seen as a key factor weighing on the commodity. Furthermore, inflation concerns stemming from escalating US-Iran tensions keep US Federal Reserve(Fed) rate-hike bets firmly on the table, further driving flows away from the non-yielding bullion.

⭐️Personal comments NOVA:

The medium-term downtrend continues to consolidate - gold prices are moving sideways around the 4000-4100 price range. The market is consolidating amidst this week's news volatility.

⭐️SET UP GOLD PRICE

🔥SELL GOLD zone: 4070 - 4072 SL 4080
TP1: $4050
TP2: $4026
TP3: $4003

🔥BUY GOLD zone: 3996- 3994 SL 3986
TP1: $4012
TP2: $4030
TP3: $4052

⭐️Technical analysis: Based on technical indicators EMA 34, EMA89 and support resistance areas.

⭐️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

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