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) The Fed isn’t the only one considering higher rates – central bank policymakers in the United Kingdom, Switzerland
and Japan will also meet during the week as the global fight against inflation intensifies except China.
3) U.S. Stocks Fall Ahead of Fed’s Policy Meeting
4) In housing data, the number of permits given to build new houses dropped in August, but housing starts showed the
biggest monthly gain in over a year. Building permits fell 10% in August from the prior month,
to 1.517 million, their lowest in two years. Housing starts rose more than 12% to 1.575 million, beating expectations.
Trend is Bearish
Gold : Fundamental Range : 1600-1700
Technical Analysis
Check at Daily Timeframe Pivot point for Fibonacci.
Check the timing of trade it might be different for resistance and support at that time.
1) Resistance Area : 1675.97,1680.52,1687.8
2) Support area: 1649.34,1656.70,1661.25
Pivot point : 1668.61
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%
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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