Lack of bullish momentum, gold price waits, slight decrease

902
✍️ NOVA hello everyone, Let's comment on gold price next week from 05/05/2025 - 05/09/2025

🔥 World situation:

Gold (XAU/USD) slipped by more than 0.35% on Friday and is on track to close the week with a decline exceeding 2.5%, as easing trade tensions and upbeat US labor market data boosted investor risk appetite. This shift in sentiment encouraged profit-taking ahead of the weekend, weighing on the safe-haven asset. At last check, XAU/USD was trading around $3,226, pulling back from an intraday peak of $3,269.

Adding to the improved market mood, China’s Commerce Ministry confirmed that the US has shown a willingness to resume discussions on tariffs, while reiterating that Beijing remains open to dialogue.

🔥 Identify:

Gold price continues to adjust down, lacking momentum to increase price. around price range 3200 - 3350

🔥 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: $3285, $3316, $3355
Support : $3202, $3155


🔥 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

Disclaimer

The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.