Gold : Fundamental Factors
1) The yellow metal remained under pressure from elevated U.S. Treasury yields, with the 10-year rate remaining close to a 12-year high.
Rising yields have dented gold’s appeal this year by increasing the opportunity cost of holding the non-yielding metal.
2) Fed’s commitment to keep hiking rates, which was reiterated by several officials this week, is expected to keep gold muted for the remainder of the year.
But the yellow metal may regain some of its safe-haven sheen, particularly as economic conditions worsen across the globe.
3) Focus in the market is now on Chinese manufacturing activity data, due later today.
Factory activity in the world’s largest copper importer is expected to have weakened for a third consecutive month.
The trend is Bearish
Gold : Fundamental Range : 1600 – 1700
Check at Daily Timeframe Support and Resistance for Fibonacci.
Check the timing of trade it might be different for resistance and support at that time.
1) Resistance : 1675.64,1687.01,1705.42
2) Support : 1609.04,1627.45,1638.82
Pivot point : 1655.49
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.
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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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