Gold : Fundamental Factors
1) Metal markets across the board were boosted by a softer-than-expected CPI inflation reading, with expectations for a smaller interest rate hike by the Fed skyrocketing after the data. U.S. CPI inflation grew 7.7% in October, its slowest pace in nine months.
2) Markets are now pricing in an 85% chance of a 50 basis point hike by the Fed in December, compared to last week’s expectations of a 47% chance.
3) Fed Chair Jerome Powell recently signaled that interest rates could potentially peak at higher levels than expected, and that the Fed is willing to risk some economic damage in its fight against inflation- heralding continued pressure on most assets from higher interest rates.
4) China is still insisting on its zero covid policy not likely to move away from it anytime sooner.
Trend is Sideway possibly still Bullish (Temporarily continuing the trend from last Friday)
Fundamental Range : 1,761.54 – 1,771.42
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.
Resistance Area : 1764.59,1765.38,1766.66
Support Area : 1762.03,1761.24,1759.96
Pivot point : 1763.31
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 buy in weekly and and strong sell in monthly timeframe, where we can entry buy for higher timeframe by following th support 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 is flat( neither downtrend or uptrend) 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 has percentage higher than 50% , supporting towards downtrend compare to the other timeframe such as Weekly and Monthly.
Gold : Find Buy at the daily chart by using the first support point,1762.03, and take profit will be at the pivot point, 1763.31 , stop loss at support 2 ,1761.24 (SEE CURRENT MARKET PRICE)
See current market and find the nearest support point for entry and take profit at the pivot point.
Trend can change based on the coincident news, where the strength is more towards USD compared to Gold.( Anytime)
Follow last Friday Trend which is Bullish.
Fundamental and Technical analysis must be aligned and its important that trades is being done in the fundamental range.
For further information, contact me ,Gurmit at +60142584067, I will guide anyone who wants to register with Weltrade. You can register at the link below. Thank you.
DISCLAIMER :This analysis is based on Investing.com and Forexfactory.com. You may follow based on your own discreetion.
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