Gold :Fundamental Factors
1) Fed Chair Powell Speaks today will affect the market as previously he supported for the 75 bps hike.
2) Core Durable Goods Orders m/m is expected at 0.3% compare to 0.2% previously
3) Durable Goods Orders m/m is expected to be at 0.1% compare to – 0.1%
4) CB Consumer Confidence is expected to be at 104.0 compare to last month at 103.2
5) New home sales are expected to be lower at 500k compared to 511k last month.
Gold : Trend is Bearish
Fundamental Range : 1600 – 1700
Gold :Technical Analysis
Check at Daily Timeframe Pivot point for Fibonacci.
Support area : 1621.98,1615.23,1604.30
Resistance area : 1643.84,1650.59,1661.52
Pivot point : 1742.57
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 support and resistance 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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