Gold : Fundamental Factors
1)US stocks rose on Tuesday after a unexpectedly small consumer price increase buoyed optimism that the Federal Reserve could soon dial back its inflation-taming interest rate hikes, but concerns remained the central back could stay aggressive.
2) The BoE, Fed and European Central Bank are expected to raise rates by 50 basis points (bps), rather than the 75 bps hikes they delivered earlier in the years is due to the rise in UK unemploment and also increase in wages.
3) The market was buoyed by concern about supply disruptions, including the ongoing shutdown of the Canada-to-U.S. Keystone crude pipeline following a massive leak which also boost the oil price to increase
Trend is towards Bullish
Fundamental Range : 1,809.09-1,811.51
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 : 1822.20,1832.83,1850.05
Support Area : 1787.78, 1777.15, 1759.93
Pivot point : 1804.99
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 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 or slight downtrend compare to the other timeframe such as Monthly.
Gold : Find buy at the daily chart by using the first support , 1787.78 and take profit will be at the pivot point ,1804.99 (SEE CURRENT MARKET PRICE)
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
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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