Gold : Fundamental Factors
1) Focus is now squarely on U.S. producer price index inflation data for November, due later in the day. The reading is expected to have eased further from the prior month, signaling that rising interest rates and tightening monetary conditions are having their intended effect.
2) Prices of the red metal took positive cues from China announcing the relaxation of several anti-COVID movement restrictions and testing mandates this week.
3) Prelim UoM Consumer Sentiment is expected to be at 56.9 compared to 56.8.
Trend is towards Bullish
Fundamental Range : 1,785.64-1,788.20
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 : 1793.68,1796.85,1801.96
Support Area : 1783.46,1780.29,1775.18
Pivot point : 1788.57
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 strong buy in weekly and buy in monthly timeframe.
Use linear regression to get confirmation trend at daily as they are not available in investing.com
Linear regression shows a neutral but slight downtrend 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 neutral compare to the other timeframe such as Monthly.
Gold : Find buy at the daily chart by using the first support point,1783.46 , and take profit will be at the pivot point , 1788.57 , stop loss at support 2 ,1780.29(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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