Forecast for XAUUSD 6 OCT 2022 for Fundamental Analysis and Technical Analysis

Gold :Fundamental Factors

1) Unemployment claims are expected at 205000 higher than previous month at 193000

2) Metal markets rallied strongly this week after weak manufacturing data in the United States drove up expectations that the Fed would ease its hawkish stance to prevent more economic disruption from rising interest rates.

3) Demand for physical gold is also expected to rise in October thanks to a festival in India, the second-largest gold importer in the world.

4) Oil prices leaped to their third straight day of gains, hitting a three-week high after OPEC+ agreed to cut oil output by 2 million barrels per day, which accounts for roughly 2% of global supply and are the steepest cuts since the 2020 COVID pandemic.

Gold :Trend is Bullish

Fundamental range : 1700 to 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.

Resistance area : 1726.05,1732.48, 1742.88

Support area :1688.42,1698.82,1705.25

Pivot point : 1714.69

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 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

Linear regression shows a downward trend. Can check linear regression trend in weekly and monthly timeframe for more confirmation.

Use Bolinger Band Strategy Tester and RSI Strategy Tester to get more confirmation.Check at bigger timeframe for percent profitable to get more confirmation.

The strategy has contradiction , for RSI strategy tester is more supporting towards the down trend in Daily, and if we follow Bolinger Band Strategy Tester , it is more supporting towards uptrend in Monthly.

Gold: Find Sell at the daily chart by using the resistance points and take profit will be at the pivot point, 1714.69

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 and You may follow based on your own discreetion.

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