Gold : Fundamental Factors
1) CPI m/m is forecasted at 0.6% compared to 0.4% previously, CPI y/y is forecasted to be at 7.9% , and based on previous data, it has been higher, Core CPI m/m is forecasted to be at 0.5% , the actual is better than the forecasted one based on past data.
2) Unemploment claims is expected to be at 220 000,however based on previous data , it has been lower.
3) Analysts are expecting the annual pace of increase in the consumer price index for last month to slow, which could give the Fed reason to ease back on the pace of its own interest rate increases however it will be based on the CPI inflation data.
4) U.S. stocks fell sharply and the dollar rose as investors awaited both the results of the U.S. midterm elections and key data on consumer prices that could impact the Federal Reserve’s policy on interest rates.
Gold : Trend is Uncertain ( Waiting for CPI INFLATION DATA)
FUNDAMENTAL RANGE : 1,703.93 – 1,707.04
Gold : Technical Analysis
Check at Daily Timeframe Support and Resistance for Fibonacci.
Check based on the current timing for the Support and Resistance when you want to go into trade.
Support Area : 1702.69, 1697.97, 1690.32
Resistance Area : 1717.99,1722.71, 1730.36
Confirm with technical indicators and based on your own technical analysis for the trend.
Check investing.com to get more info on what most indicator would display
Check higher timeframe also for more confirmation for entry in Daily timeframe.
The technical indicator display strong buy in Daily and sell in weekly and strong sell in monthly timeframe, where we can entry sell for higher timeframe by following the resistance area given and vice versa
Use linear regression to get confirmation for the trend as they are not available in investing.com.
Linear regression shows a downward trend at the daily timeframe .Can check linear regression trend in weekly and monthly for more confirmation.For weekly, it is downtrend and for monthly,it is showing uptrend.
Use Bolinger Band Strategy Tester and RSI Strategy Tester to get more confirmation for the trend and percent profitable.Check at bigger timeframe also such as weekly and monthly.
Ensure that both RSI strategy and Bolinger Band Strategy gives above 50% for the percent profitable
RSI strategy tester and Bolinger Band Strategy Tester at the daily and weekly is higher than 50% , supporting towards downtrend compare to the other timeframe, Monthly
Gold : Find Sell at the daily chart by using the first resistance point, 1717.99 and take profit will be at the pivot point, 1710.34 , stop loss at resistance 2, 1722.71 (SEE CURRENT MARKET PRICE) .
See current market and find the nearest resistance point for entry and take profit at the pivot point.
Fundamental and Technical analysis are aligned.
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DISCLAIMER :This analysis is based on Investing.com and Forexfactory.com. You may follow based on your own discreetion.
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