Gold : Fundamental Factors
1) ADP Non-Farm Employment Change is estimated to be at 196000 compared to 239000
2) FED is likely to support more towards slowing their interest rate since Fed chair Jay Powell is supporting more towards it
3)The world’s largest copper importer is facing increased public ire over its handling of the COVID-19 pandemic, which has driven speculation that the government will be forced to suspend restrictive measures.
Trend is Bullish
Fundamental Range : 1,747.92-1,750.85
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 : 1756.57,1760.96,1768.07
Support Area : 1742.35,1737.96,1730.85
Pivot point : 1749.46
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 buy in Daily and strong buy in weekly and strong sell in monthly timeframe.
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,1742.35 , and take profit will be at the pivot point, 1749.46 , stop loss at support 2 ,1737.96 (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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