Gold : Fundamental Factors
1) Gold prices decreased to near one-month lows on Monday as investors awaited more signals on the U.S. economy from key inflation data due later in the week.
2) Copper prices experienced significant losses due to growing uncertainty over an economic recovery in China.
3) In addition, bullion prices were also affected by increasing short-term Treasury yields, which may signal a potential recession in the world’s largest economy this year. Conversely, a recession in the US could benefit gold prices later in the year, particularly if the Federal Reserve halts its rate hikes due to mounting economic pressure.
4) The G7 has instituted another cap on Russian fuel prices, while the European Union and the United States have banned all forms of Russian energy. Some believe that the Russian move could play out in ways the West may not like, such as blocking Ukrainian grain exports, with a threat that the country’s aggressive attitude could also extend to other global economic sectors.
The trend is Bullish
Fundamental Range : 1,860.85-1,865.93
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 : 1864.64, 1865.27, 1866.30
Support Area : 1862.58 ,1861.95,1860.92
Pivot point : 1863.61
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 sell in Daily and strong buy in weekly and strong buy in monthly timeframe.
Use linear regression to get confirmation trend at daily as they are not available in investing.com
Linear regression shows upward trend 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% , and monthly has lesser than 50% for the RSI strategy Tester and Bolinger Band Strategy Tester.
Gold : Find buy at the daily chart by using the support point 1, 1862.49 and the take profit will be at the pivot point ,1863.61 (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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