Forecast for XAUUSD 20 OCT 2022 for Fundamental Analysis and Technical Analysis

Gold: Fundamental Factors

1) With latest data showing inflation continuing to run at more than three times the central bank’s 2% target, the report may do
little to temper expectations for a fourth straight 75-basis-point rate hike next month.

2) Euro zone consumer inflation was marginally lower than estimated earlier, data showed on Wednesday, but still at a record high,
underlining market expectations of more rate rises before the end of the year.

3) Unemployment claims will is expected to be at 229k, however based on previous data, it has been higher but likely there will be shift this time due to US economy is developing.

4) Existing home sales is expected to be higher at 4.69 million.


Fundamental Range : 1600 – 1690

Gold : Technical Analysis

Check at Daily Timeframe Support and Resistance for Fibonacci.

Resistance Area : 1647.44,1653.96,1664.53
Support Area :1626.32, 1619.80, 1609.23
Pivot Point : 1636.88

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 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.

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 Sell at the daily chart by using the first resistance point, 1647.44 and take profit will be at the pivot point, 1636.88, stop loss at resistance 2 , 1653.96 (SEE CURRENT MARKET PRICE)

See current market and find the nearest resistance point for entry and take profit at the pivot point.

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.

Can join at our telegram group at

For traders who want to trade on their own can join Weltrade, we provide benefits for traders out there, learn to trade and follow free signals such as free paid signal providers, bookmap gold and tradingview premium live.

Free Bookmap Education

Join us at our zoom for online learning from 10.30am to 11.30am by the Financial Markets Research Center (FMRC) team. With Cikgu Hafiz and Cikgu Gurmit


Komen anda

Scroll to Top