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) Supply shortfall for copper stemming from the strike in Escondida mine is reducing gold price
3) The yield on benchmark 10-year Treasury notes remained high at 3.846%, after hitting 3.518% on Monday,Its highest level since April 2011.
4) The dollar index, which measures the currency against six counterparts, was 0.0373% stronger at 109.58.
Gold :Trend is Bearish
Gold : Fundamental Range : 1650-1700
Check at Daily Timeframe Pivot point for Fibonacci.
1) Resistance Area : 1679.70,1684.53,1692.36
2) Support area: 1651.38,1659.21,1664.04
Confirm with technical indicators and based on your own technical analysis.
Check investing.com to get more info on what most indicator would display
Check higher timeframe also for more confirmation for entry in Daily timeframe.
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
If want to go for the lower timeframe ,can see what the timeframe display to see the confirmation of trend and entry
Seek for sell or buy opportunity to enter for self confirmation or based on your own technical analysis understanding.
Use linear regression to get confirmation trend at daily as they are not available in investing.com
Linear regression shows a downward trend.
Use Bolinger Band Strategy Tester and RSI Strategy Tester to get more confirmation.
Both strategies show a higher percentage of profit which is higher than 50%
Gold :Trend is Bearish
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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