Gold : Fundamental Factors
1)The FED minutes boosted the dollar, pushing it closer to a 20-year high. Data also showed that U.S. producer price inflation grew more than expected, giving the Fed more impetus to tighten policy.
2) Bullion prices sank this week amid more hawkish signals from the Federal Reserve, as well as growing safe haven demand for the dollar.Markets are now awaiting key U.S. CPI inflation data later today for more cues on the path of U.S. monetary policy. The reading is expected to show that inflation remained near 40-year highs in September.
3) Aluminium prices were set to extend gains on Thursday following a report that U.S. plans to ban imports from Russia, while gold steadied ahead of key U.S. inflation data due later in the day.
Trend is likely to be Bearish ( wait for CPI Data for confirmation)
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 : 1677.84, 1681.79, 1688.19
Support Area : 1665.04,1661.09, 1654.69
Pivot point : 1671.44
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
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 issideway or downtrend slightly 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.
The strategy has contradiction , for RSI strategy tester 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.
Gold : Find Sell at the daily chart by using the resistance points and take profit will be at the pivot point, 1671.44 , stop loss at support 1665.04
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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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