Gold : Fundamental Factors
1) Metal markets across the board were boosted by a softer-than-expected CPI inflation reading, with expectations for a smaller interest rate hike by the Fed skyrocketing after the data. U.S. CPI inflation grew 7.7% in October, its slowest pace in nine months.
2) Markets are now pricing in an 85% chance of a 50 basis point hike by the Fed in December, compared to last week’s expectations of a 47% chance.
3) Fed Chair Jerome Powell recently signaled that interest rates could potentially peak at higher levels than expected, and that the Fed is willing to risk some economic damage in its fight against inflation- heralding continued pressure on most assets from higher interest rates.
4) Prelim UOM Consumer Sentiment is forecasted to be at 59.5 ,based on past data, it has been higher at 59.8
Gold : Trend is sideway possibly still bullish
Gold : FUNDAMENTAL RANGE : 1,747.40 – 1,755.61
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 : 1717.57, 1705.02, 1684.69
Resistance Area : 1758.23,1770.78,1791.11
Pivot point: 1737.90
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, where we can entry sell for higher timeframe by following the resistance area given and vice versa
Use linear regression to get confirmation for the trend 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 is higher than 50% , supporting towards downtrend compare to the other timeframe, Monthly
Gold : Find Buy at the daily chart by using the first support point, 1717.57, and take profit will be at the pivot point, 1737.90 , stop loss at support 2 , 1705.02 (SEE CURRENT MARKET PRICE) .
Fundamental Range does not support the range for technical analysis. It is important to ensure that the trades are in the fundamental range.
See current market and find the nearest support point for entry and take profit at the pivot point.
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.
Can join at our telegram group at https://t.me/weltrade_my
For traders who want to trade on their own can join Weltrade, we provide benefits for traders out there, learn to trade and follow free signals such as free paid signal providers, bookmap gold and tradingview premium live.
Free Bookmap Education t.me/+JetSe33YA0U2ZDk1
Join us at our zoom for online learning from 10.30am to 11.30am by the Financial Markets Research Center (FMRC) team. With Cikgu Hafiz and Cikgu Gurmit