1) Fed Chair Powell Speaks today will affect the market as previously he supported for the 75 bps hike.
2) CB Consumer Confidence is at 108.0 compared to 104.0
3) New home sales are higher at 685000 compare to 500000.
4) Pending Home Sales m/m is expected to be at -0.9 but it has chances to be better than forecasted
Gold : Trend is Bearish
Gold : Fundamental Range : 1600 – 1700
Check at Daily Timeframe for Fibonacci Support and Resistance.
Check the timing of trade it might be different for resistance and support at that time.
1) Resistance area : 1639.26,1644.26,1652.34
2)Support area : 1623.08, 1618.08,1610.00
Pivot point : 1631.17
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.
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.
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 Investing.com and Forexfactory.com. You may follow based on your own discreetion.
Can join at our telegram group at https://t.me/weltrade_my
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 > t.me/+JetSe33YA0U2ZDk1
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