Forecast for XAUUSD 3 NOV 2022 for Fundamental Analysis and Technical Analysis

Gold : Fundamental Factors

1) Jay Powell focuses on increasing the interest rate at 75 bps point and and high yields is likely to rout risk appetite for longer than expected.

2) Traders are pricing in a 62% chance of a 50 bps hike at the Fed’s next meeting in December.

3) Beyond China, copper markets also have to contend with slowing economic growth across the globe, as inflation and interest rates keep rising.
This notion weighed heavily on the red metal this year.

4) ConocoPhillips earnings, Starbucks earnings, and PayPal earnings is the main important indicator for where the market direction would further head too.

Trend is Bearish.

Fundamental Range : 1,631.91 – 1,639.42

Gold : Technical Analysis

Check at Daily Timeframe Support and Resistance for Fibonacci.

Support area : 1632.85, 1624.54,1611.10

Resistance area : 1659.75,1668.06, 1681.50

Pivot point : 1646.30

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 and weekly has percentage higher than 50% , supporting towards downtrend compare to the monthly timeframe.

Gold : Find Sell at the daily chart by using the first resistance point,1659.75 and take profit will be at the pivot point, 1646.30, stop loss at resistance 2 , 1668.06 (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.

For further information, contact me ,Gurmit at +60142584067,I will guide anyone that would like to register with Weltrade. Can register at the below link. Thank you.

https://my.weltrade.com/?r1=ipartner&r2=49989

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

Link: https://us06web.zoom.us/j/81843968428?pwd=VkZ3L2UrcXh2WlZsZHU3ZFFGUmJMQT09

Komen anda