Gold :Fundamental Factors
1) Job openings fell to the lowest since June 2021. That indicates even the red-hot job market is cooling,something the Federal Reserve wants to see before it eases off on its aggressive interest rate hikes. The news gave investors hope that that easing could come before the end of the year.
2) Delegates of the Organization of the Petroleum Exporting Countries are meeting in Vienna on Wednesday with allies to talk about production goals.
Expectations are for a big cut, perhaps as many as one million barrels a day.
3) Analysts expect to see 200,000 jobs added in September for the ADP nonfarm job report, which would be up from 132,000 the prior month.
4) The ISM non-manufacturing business activity reading is where analysts expect the number to be 57, down from 60.9.
Gold :The trend is Bullish ( For Today)
Gold :Fundamental Range : 1700-1800
Gold :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 : 1729.83, 1737.90, 1750.95
2) Support : 1682.61,1695.66,1703.73
Pivot point : 1716.92
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 buy in Daily and strong sell in weekly and monthly timeframe, where we can entry sell for higher timeframe by following the support 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%
Gold: Find 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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