Gold : Fundamental Factors
1) Gold rises past $1,750 as Fed members tout slower rate hikes, the central bank has hiked by 375 basis point this year with four consecutive hikes of 75 bps.
2) Markets will look to November’s CPI inflation readings, due next month, to gauge whether inflation is steadily retreating in the country. But strength in consumer spending and the labor market suggest that inflation may be sticker than expected in the coming months.
3) China is still holding to its zero covid policy and headwinds from Chinese demand have largely offset signs of tightening copper supply this year.
Trend is Bullish
Gold : Fundamental Range : 1,753.2-1,756.11
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.
Resistance Area : 1757.88,1759.36,1761.76
Support Area : 1753.08, 1751.60, 1749.20
Pivot point : 1755.48
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 Buy at the daily chart by using the first support point, 1753.08, and take profit will be at the pivot point,1755.48 , stop loss at support 2 ,1751.60 (SEE CURRENT MARKET PRICE)
See current market and find the nearest support point for entry and take profit at the pivot point.
Fundamental and Technical analysis must be aligned .
For further 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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