Gold : Fundamental Factors
1) Stocks ended higher on Tuesday as investors looked forward to tomorrow’s release of the Federal Reserve’s meeting minutes tommorrow
investors are eager to see if there are any clues as to the Fed’s thinking heading and the market is expecting another interest rate increase.
2)Retail earnings have mostly held up heading into the crucial holiday shopping season, with several retailers reporting strong trends.
3) The Michigan consumer sentiment reading, analysts are expecting a reading of 55, which would be up from 54.7 the prior reading
4) Deere & Company , the agricultural and construction equipment maker, is expected to report earnings per share of $7.12 on revenue of $13.5 billion.
Trend is Uncertain
Fundamental Range : 1,739.87-1,742.93
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 : 1747.59, 1750.59,1755.43
Support Area : 1737.91 ,1734.91, 1730.07
Pivot point : 1742.75
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 sell in Daily and strong sell in weekly and monthly timeframe, where we can entry sell for higher timeframe by following the resistance area given and vice versa
Use linear regression to get confirmation trend at daily as they are not available in investing.com
Linear regression shows a downward 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 has percentage higher than 50% , supporting towards downtrend compare to the other timeframe such as Weekly and Monthly.
Gold : Find Buy at the daily chart by using the first support point, 1737.91, and take profit will be at the pivot point,1742.7 , stop loss at support 2 ,1734.91 (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 and its important that trades is being done in the fundamental range.
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.
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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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