Gold : Fundamental Factors
1)Gold prices fell further away from key levels on Tuesday as concerns over rising interest rates and a potential recession in 2023 saw investors pivot into the dollar and Treasury yields, with the broader metal market also coming under pressure.
2) Red metal’s outlook remains clouded by uncertainty over a global recession, with weakening economic activity across the globe likely to offset a demand recovery in major importer China.
3) Analysts expect a reading of 1.4 million on an annualized basis, which would be slightly below the 1.425 million in the prior month for the housing starts.
Trend is Bearish
Fundamental Range : 1,784.66-1,788.20 ( Range is lower than yesterday range)
(Disclaimer: The range can be more or lesser however it will definately cross this range for the daily.)(Safe range provided)
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 : 1795.69,1799.67,1803.63
Support Area :1784.04,1780.35,1774.38
Pivot point : 1790.01
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 neutral 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 uptrend 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 or slight downtrend compare to the other timeframe such as Monthly.
Gold : Find sell at the daily chart by using the first resistance 1, 1795.69 and take profit will be at the pivot point ,1790.01 (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 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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