Gold : Fundamental Factors
1) Core PCE Price Index m/m is expected to be at 0.3% compare to 0.5%
2) Unemployment Claimsis expected to be at 234000 compare to 240000 previously.
3) ISM Manufacturing PMI is expected to be at 49.7 compare to 50. 2
4) Investors have been keeping an eye on developments in China, amid optimism that authorities in the second largest economy in the world are considering to loosen strict COVID-19 restrictions in the wake of widespread civil unrest.
5) Investors are also looking towards the FED eventually to pause its rate increases and perhaps pivot to rate cuts. The Fed’s meeting next month is its last for this year, and expectations are that it will raise rates again, but probably at a smaller half-percentage-point increment.
Trend is Bullish
Gold : Fundamental Range : 1747.92-1750.85
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 : 1774.86,1781.57, 1792.41
Support Area : 1753.18,1746.47, 1735.63
Pivot point : 1764.02
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 buy in Daily and strong 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 neutral 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 other timeframe such as Monthly.
Gold : Find buy at the daily chart by using the first support point,1753.18 , and take profit will be at the pivot point,1764.00 , stop loss at support 2 ,1746.47 (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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