Gold : Fundamental Factors
1) Gold prices have been low for the past six weeks, and there is uncertainty about U.S. interest rates and how high they will go this year. Traders are waiting for more information from the Federal Reserve, including speeches from several officials and the release of the minutes from their February meeting. However, recent inflation data has shown that the central bank may need to raise rates further.
2)Stock markets in Europe rose slightly, but investors are cautious as there is important information coming out this week. This includes updates on the Eurozone economy and big company performance. Additionally, oil prices are going up due to concerns about future supply, and gold prices have also risen slightly.
3) Flash Services PMI is expected to be at 47.3 compare to 46.8
4) Flash Manufacturing PMI is expected to be at 47.4 compared to 46.9
5) Existing Home sales is expected to be at 4.09m compared to 4.02m previously.
The trend is possibly Bearish
Fundamental Range : 1839.58 – 1849.80
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 : 1846.14,1848.56,1852.46
Support Area :1838.34,1835.92, 1832.02
Pivot point : 1842.24
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 Sell at the daily chart by using the resistance point 1, 1846.14 take profit will be at the pivot point ,1842.24.
(See current market and find the nearest resistance point for entry and take profit at the pivot point.)
Fundamental and Technical analysis must be aligned
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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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