Gold : Fundamental Factors
1) U.S. inflation data for September is also a key point of focus for metal markets this week. Producer price inflation data is due later on Wednesday, and is expected to show that price headwinds for manufacturers persisted last month.
2) Markets are now wary of any new lockdown measures in China that could potentially stifle demand, after a resurgence in COVID cases in the country.Focus is also on the announcement of any major stimulus measures during the 20th National Congress of the Communist Party later this week.Markets are also awaiting Chinese inflation and trade data, due on Friday, for more cues on a potential economic recovery.
3) Inflation may ease but FED is worried about the rising of core CPI
Trend is Bearish
Gold : Fundamental Range : 1600- 1688
Gold : Technical Analysis
Check at Daily Timeframe Support and Resistance for Fibonacci.
Check the timing of trade it might be different for resistance and support at that time.
Resistance Area : 1679.24,1684.90,1694.0
Support area :1660.90, 1655.24, 1 646.08
Pivot point : 1670.07
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 sell in Daily and strong sell in weekly and monthly timeframe, where we can entry sell for higher timeframe by following the resistance area given and vice versa
If want to go for the lower timeframe ,can see what the lower timeframe display to see the confirmation of trend and entry
Use linear regression to get confirmation trend at daily 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 ,it is downtrend also and for monthly,it is showing strong buy
Use Bolinger Band Strategy Tester and RSI Strategy Tester to get more confirmation.Check at bigger timeframe for percent profitable to get more confirmation.
For RSI strategy tester it is more supporting towards the down trend in Daily, and if we follow Bolinger Band Strategy Tester , it is more supporting towards uptrend in Monthly.
Find Sell at the daily chart by using the resistance points and take profit will be at the pivot point, 1670.07, stop loss at support 1 ,1660.90
Gold : Fundamental and Technical Analysis is aligned for sell.
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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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