Gold :Fundamental Factors
1) US GDP data was forecasted at 2.6 % which was better than the forecasted of 2.4%
2) Bank of England is likely to increase their interest rate up to 75 basis points.
3) US FED will stick to their plan to bring down inflation to 2% and increase the rate by 75% points more in November.
4) US is likely heading to stagflation since its last stagflation in 1970.
Trend is Uncertain ( US dollar still hold advantage in this situation which is a Bearish Trend)
Fundamental Range : 1,660.60 – 1,667.10
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.
Support area : 1656.72,1652.88, 1646.66
Resistance area :1669.16,1673.00, 1679.22
Pivot point : 1662.94
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 neutral 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,1669.16 and take profit will be at the pivot point, 1662.94 , stop loss at resistance 2,1673.00 (SEE CURRENT MARKET PRICE) .
See current market and find the nearest resistance point for entry and take profit at the pivot point.
Gold : Fundamental and Technical analysis are aligned.
For more 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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