Gold : Fundamental Factors
1) World equities rose while 10 year notes U.S. Treasury yields were down to 3.6908% while the yields on two-year notes dropped to 4.4773%. after minutes of the Federal Reserve’s latest policy meeting showed U.S. central bankers looking to soon moderate the pace of interest rate hikes.
2) New jobless claims for the last week came in slightly higher than expected, at 240,000 versus the forecast for 225,000.
3) Revised UoM Consumer Sentiment is at 56.8 compared to 55.0 forecasted
Gold : Trend is Bullish
Fundamental Range : 1,749.07-1,754.54
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 : 1754.35,1760.35,1770.08
Support Area : 1734.89, 1728.89,1719.16
Pivot point : 1744.62
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
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 and weekly has percentage higher than 50% , supporting towards downtrend,compare to the Monthly.
Gold : Find Buy at the daily chart by using the first support point, 1734.89 , and take profit will be at the pivot point,1744.62 , stop loss at support 2 , 1728.89 (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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