GOLD :Fundamental Factors
1) The producer price index for August is due out at 8:30 ET (12:30 GMT).Analysts expect the top line year-over-year number to be 8.8%, which would be down from 9.8% the prior month. For the month, the expectation is for a drop of 0.1%. Core PPI’s annualized expectation is for a gain of 7.1%, from 7.6% the prior month. However with higher CPI data, PPI will increase also.
2) U.S. consumer price index grew more than expected in August, cementing expectation that the Federal Reserve will not let up in its tightening path this year.
3) Crude oil inventories are due out at 10:30 ET. Analysts expect to see a build of 0.883 million barrels. Oil prices have fallen to below $90 a barrel in recent weeks.
XAUUSD :Trend is Bearish
Fundamental Range is between 1688 to 1700
GOLD :Technical Analysis
Check on the daily chart by checking on the pivot point and SNR.
1) Resistance area : 1723.82,1732.23,1745.85
2) Support area : 1674.55,1688.17,1696.58
Confirm with technical indicators and based on your own technical analysis.
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
The technical indicator display strong sell at higher timeframe, where we can entry sell for higher timeframe by following the resistance area given and vice versa
Check higher timeframe also for more confirmation for entry in Daily timeframe.
Advisable not to enter a trade, when the higher timeframe and the lower timeframe is not align.
Choose 2 to 3 higher timeframe to syncronize with 2 to 3 lower timeframe.
GOLD : Seek for sell or buy opportunity , entry at lower timeframe to enter for self confirmation or based on your own technical analysis understanding.
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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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