Gold : Fundamental Factors
1)Unemployment claims is expected to be at 230000 compared to 225000 previously, however based on past data ,it has been lower.
2) Bullish U.S. data this week on factory orders and non-manufacturing have reinvigorated talk that the Federal Reserve might turn aggressive again on rate hikes in 2023 despite expectations the central bank will slow its pace of monetary tightening for the first time in six months when it meets on Dec 14.
3)There is no much response from the China reopening as the opening currently is just based in the major city and not the whole China.
Trend is towards Bearish
Fundamental Range : 1,785.64-1,788.2
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 : 1790.48,1795.63, 1803.95
Support Area : 1773.84, 1768.69,1760.37
Pivot point :1782.16
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 buy 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 compare to the other timeframe such as Monthly.
Gold : Find sell at the daily chart by using the first resistance point,1790.48 , and take profit will be at the pivot point,1782.16 , stop loss at resistance 2 ,1795.63 (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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