Gold : Fundamental Factors
1)The industrial production yardstick for November is expected a gain of 0.1% for the month compared to a 0.1% drop the prior month.
2)Analyst expect to retail sales for November to fall 0.1% from October after rising 1.3% the prior month, despite a strong day for Black Friday sales at Thanksgiving time.
3) One of the Fed’s key metrics for deciding on interest rates has been unemployment. The next jobless claims report is due out at 8:30 ET. Analysts are expecting new claims of 230,000 for last week, the same as the previous week.
Trend is towards Bullish
Fundamental Range : 1,804.76-1,808.74 ( Range is lower than yesterday range)
Gold : Technical Analysis
Check at Daily Timeframe Support and Resistance for Fibonacci.
Check based on the current timing for the Support and Resistance when you want to go into trade.
Resistance Area : 1812.78,1816.99,1823.82
Support Area : 1799.12,1794.91,1788.08
Pivot point : 1805.95
Confirm with technical indicators and based on your own technical analysis for the trend.
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 buy in weekly and sell in monthly timeframe.
Use linear regression to get confirmation trend at daily as they are not available in investing.com
Linear regression shows a neutral but slight downtrend at the daily timeframe .Can check linear regression trend in weekly and monthly for more confirmation.For weekly, it is downtrend and for monthly,it is showing uptrend.
Use Bolinger Band Strategy Tester and RSI Strategy Tester to get more confirmation for the trend and percent profitable.Check at bigger timeframe also such as weekly and monthly.
Ensure that both RSI strategy and Bolinger Band Strategy gives above 50%. for the percent profitable
RSI strategy tester and Bolinger Band Strategy Tester at the daily and weekly has percentage higher than 50% , supporting towards neutral or slight downtrend compare to the other timeframe such as Monthly.
Gold : Find buy at the daily chart by using the first support , 1799.12 and take profit will be at the pivot point ,1805.95 (SEE CURRENT MARKET PRICE)
See current market and find the nearest support point for entry and take profit at the pivot point.
Fundamental and Technical analysis must be aligned
For further information, contact me ,Gurmit at +60142584067, I will guide anyone who wants to register with Weltrade. You can register at the link below. Thank you.
DISCLAIMER :This analysis is based on Investing.com and Forexfactory.com. You may follow based on your own discreetion.
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