Forecast for XAUUSD 17 OCT 2022 for Fundamental Analysis and Technical Analysis

Gold : Fundamental Factors

1) The Empire State Manufacturing IndeX is expected to be at -4.3% which is below 0.0.

2) House prices fell for the first time in over 10 years in July as rising interest rates hit housing demand, while mortgage applications have also fallen.

3) Stringent COVID-19 curbs along with supply chain disruptions caused by the war in Ukraine plus slowing global growth due to sharp increases
in borrowing costs to curb inflation have weighed on the world’s second-largest economy.

Trend is Bearish

Gold : Fundamental Range : 1600- 1688

Gold : Technical Analysis

Check at Daily Timeframe Support and Resistance for Fibonacci.

1) Resistance area : 1647.88,1648.82,1650.34

2) Support area: 1644.84, 1643.90,1642.38

Pivot point : 1646.36

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

If going for lower timeframe, check for lower timeframe and see the what the technical indicators display. Entry based on that timeframe and confirm with at least 2 to 3 lower timeframes.

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 is downtrend 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.

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.

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

Find Sell at the daily chart by using the resistance points and take profit will be at the pivot point, 1646.36 , stop loss at support 1644.84 ( SEE CURRENT MARKET PRICE)

Gold : 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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