Forecast for XAUUSD 14 OCT 2022 for Fundamental Analysis and Technical Analysis

Gold :Fundamental Factors

1) Core Retail Sales m/m is expected to raise even though it is expected to be lower by analyst at 0.2% .

2) Retail Sales m/m is expected to be at 0.2%

3) Prelim UoM Consumer Sentiment is likely to be higher based on the past data which will boost USD.

4) Prelim UoM Inflation Expectations is expected to be at 4.6%

Gold :Trend is Bearish

Gold :Fundamental Range : 1600- 1688

Gold : Technical Analysis

Check at Daily Timeframe Support and Resistance for Fibonacci.

Support area : 1648.12, 1638.54, 1623.04

Resistance Area : 1679.14,1688.72,1704.22

Pivot point : 1663.63

Confirm with technical indicators and based on your own technical analysis for the trend.

Check 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

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.

Ensure that both RSI strategy and Bolinger Band Strategy gives above 50%. for the percent profitable.

Gold :Find Sell at the daily chart by using the resistance points and take profit will be at the pivot point, 1663.63 , stop loss at support 1648.12

Fundamental and Technical analysis are aligned.

For further information, contact me ,Gurmit at +60142584067,I will guide anyone that would like to register with Weltrade. Can register at the below link. Thank you.

Disclaimer : This analysis is based on and You may follow based on your own discreetion.

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