Gold : Fundamental Factors
1) The dollar notched a new 20-year high amid growing fears of rising interest rates and a potential economic recession.
2)Economic indicators from the Eurozone and the UK also showed a pronounced contraction in business activity,
ramping up fears of a recession and denting the demand outlook for metal markets.
3) Copper prices have been hit particularly hard this year by an economic slowdown in major importer China.
Slowing industrial activity in the U.S. and Europe has only exacerbated recent losses.
4) Still, a potential supply crunch, stemming from a strike at Escondida, the world’s largest copper mine, may potentially benefit prices in the long term.
Trend is Bearish
Fundamental Range : 1600 – 1700
Gold : 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 : 1645.47,1646.72,1648.74
2) Support area 1641.43,1640.18,1638.16
Pivot point : 1643.45
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 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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