GOLD :Fundamental Factors
1)The Fed is widely expected to hike rates by 75 basis point at the conclusion of a two-day meeting, with traders also pricing in the possibility
of a 100 basis point hike.
2) Concerns over waning industrial activity across the globe, amid rising pressure from inflation and interest rates, have severely dented prices of the
red metal this year. A slowdown in major importer China has also weighed heavily on copper prices.
3)Prices of the red metal could be underpinned by tightening supply after a strike in Escondida, the world’s largest copper mine.
GOLD : Fundamental Range : 1650-1700
GOLD :Technical Analysis
Check at Daily Timeframe Pivot point for Fibonacci.
Support area : 1666.73,1667.91,1668.65
Resistance area : 1671.01,1671.75,1672.93
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.
Seek for sell or buy opportunity to enter for self confirmation or based on your own technical analysis understanding.
Use Bolinger Band Strategy Tester and RSI Strategy Tester to get more confirmation along with linear regression as they are not available in investing.com,
Both strategies show a higher percentage of profit, and linear regression shows a downward trend.
GOLD :Find to Sell at the daily chart.
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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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