Gold : Fundamental Factors
1) 10-Year U.S. Treasury yields jumped 2.2% overnight and were at their highest level since the 2008 financial crisis as expectations grew that the Fed will hike rates sharply in November. This also kept the dollar underpinned, although the greenback was set for a mild weekly loss.
2) Markets are pricing in a nearly 100% chance that the Fed will hike rates by 75 basis points when it meets in November. Members of the central bank also recently warned that interest rates could rise far more than expected if inflation does not cool in time
3) Copper supplies were also dented this year by a strike in Escondida, the world’s largest copper mine, as well as U.S. sanctions against major Russian suppliers. But copper prices have fallen sharply this year on fears that a global recession will crimp demand.
Fundamental Range : 1600-1660
Gold : Trend is Bearish ( UNTIL FURTHER UPDATES OF NEWS)
Gold :Technical Analysis
Check at Daily Timeframe Support and Resistance for Fibonacci.
Resistance area :1640.57,1646.03,1654.87
Support area :1622.89,1617.43, 1608.59
Pivot point : 1631.73
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
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 Sell at the daily chart by using the first resistance point,1640.57 and take profit will be at the pivot point, 1631.73, stop loss at resistance 2 , 1646.03 (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 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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