Fundamental Factors
1) Inflation data is likely to be lower however FED is still insisting on 75 bps hike in interest rate.
2) Potential supply of Copper, stemming from a strike at the Escondida mine in Chile would hike gold price.
3) US creating a shortage of Dollars to increase the demand for US dollar and increasing their purchasing power and Russia is creating a shortage of oil, Gas and Grains to weaken European Union.
4) US is taking action by increasing the supply of liquified natural gas to Europe for the EU not to depend on Russia.
Fundamental Range is between 1688.35 to 1735.63
XAUUSD:The Trend is Uncertain , will have to wait for inflation data tommorrow.
Technical Analysis
Check on the daily chart by checking on the pivot point
1) Resistance area : 1715.11, 1716.42 and 1717.24
2) Support area : 1715.11, 1716.42 and 1717.24
Confirm with technical indicators and based on your own technical analysis to get entry and exit points
Check investing.com to get more info on what most indicator would display
Follow the pivot point on which timeframe that you will be trading , support it with the technical analysis.
Seek for sell or buy opportunity , entry at lower timeframe to enter for self confirmation or based on your own technical analysis understanding.
XAUUSD :Based on your own technical Analysis.
Higher timeframes are strong sell, smaller timeframe is is strong buy.
Check moving average in the timeframes
Advisable not to enter a trade, when the higher timeframe and the lower timeframe is not align.
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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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