Forecast for XAUUSD 30 SEPT 2022 for Fundamental Analysis and Technical Analysis

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

Technical Analysis

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 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

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 and You may follow based on your own discreetion.

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