Gold : Fundamental Factors
1) Empire State Manufacturing Index forecasted at -6.1 compared to -9.1
2) PPI m/m is forecasted to be as usual at 0.4% and has no changes
3) Core PPI m/m is forecasted to be at 0.3% and no changes compared to past data.
4) Federal Reserve Vice Chair Lael Brainard indicated on Monday that the central bank could soon slow the pace of its interest rate increases.
5) G20 meeting was to discuss on the Russian invasion on Ukraine and stop the war totally.The result is not very confirming towards the end of the war.
Trend is Sideway possibly still Bullish
Fundamental Range: 1,761.54 – 1,771.42
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.
Support Area : 1757.67, 1752.54, 1744.22
Resistance Area : 1774.31,1779.44,1787.76
Pivot Point : 1765.99
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 buy in weekly and strong sell in monthly timeframe, where we can entry buy for higher timeframe by following the support 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,1757.67 , and take profit will be at the pivot point, 1765.99 , stop loss at support 2 ,1752.54 (SEE CURRENT MARKET PRICE)
See current market and find the nearest support point for entry and take profit at the pivot point.
Trend can change based on the coincident news, where the strength is more towards USD compared to Gold.( Anytime)
Follow last Friday and yesterday trend which is Bullish.
Gold : 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.
DISCLAIMER :This analysis is based on Investing.com and Forexfactory.com. You may follow based on your own discreetion.
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