Gold : Fundamental Factors
1) ADP Non-Farm Employment Change is expected to be at 176000 compare to 235000.
2) ISM Manufacturing PMI is expected to be at 48.0 compare to 48.4
3) JOLTS Job Openings is expected to be at 10.28 million compare to 10.46 million
4)Fed is widely expected to hike interest rates by 25 basis points later in the day. But the central bank’s outlook on monetary policy will be closely watched, with investors waiting to see how Chair Jerome Powell will address recent signs of resilience in the U.S. economy, as well as a recent rally in global financial markets.
5) Copper prices retreated in anticipation of more signs of an economic recovery in China, the world’s largest importer of the red metal.Markets are now awaiting private sector data to confirm this trend.
The trend is Bullish
Fundamental Range : 1908.31 – 1949.94
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 : 1931.33,1938.43,1949.94
Support Area : 1908.31, 1901.21, 1889.70
Pivot point : 1919.82
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 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, 1908.31 and the take profit will be at the pivot point , 1919.82 (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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