Gold : Fundamental Factors
1) Bullion prices benefited from a weakening dollar, as a slew of strong earnings on Wall Street boosted risk appetite and encouraged traders to move away from the greenback. But risk-heavy assets like stocks and foreign exchange were the bigger benefiters from this trend.
2) Markets are pricing in a nearly 100% possibility that the Fed will hike rates by 75 basis points in November, its third such consecutive hike.
3) China recently signaled that it has no intention of phasing out its zero-COVID policy,
which has severely disrupted manufacturing activity this year. The move brewed more uncertainty over the future of the world’s second-largest economy.
Trend is still Bearish ( until any further updates)
Gold : Fundamental Range : 1640 – 1690
Check at Daily Timeframe Support and Resistance for Fibonacci.
Support area : 1644.56,1638.66,1629.11
Resistance Area : 1663.66,1669.56,1679.11
Pivot point : 1654.11
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 sell in Daily and strong sell in weekly and monthly timeframe, where we can entry sell for higher timeframe by following the resistance area given and vice versa
If going for lower timeframe, check for lower timeframe and see the what the technical indicators display. Entry based on that timeframe and confirm with at least 2 to 3 lower timeframes.
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.
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.
Ensure that both RSI strategy and Bolinger Band Strategy gives above 50%. for the percent profitable.
Find Sell at the daily chart by using the resistance points and take profit will be at the pivot point, 1654.11 , stop loss at support 1644.56 (SEE CURRENT MARKET PRICE)
Gold : Fundamental and Technical analysis are aligned.
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Disclaimer : This analysis is based on Investing.com and Forexfactory.com. You may follow based on your own discreetion.
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