Gold : Fundamental Factors
1) ISM Services PMI is forecasted at 53.5 compare to 54.4
2) OPEC+ would order deeper production cuts for January, as they had already announced in October a 2 million barrels per day reduction that is to last through 2023. .
3) The strong jobs number could make the Federal Reserve rethink its plan to impose smaller rate hikes here on to curb inflation when the central bank holds its monthly policy meeting on Dec. 14.
4) Gold prices were steady on Monday despite stronger-than-expected U.S. jobs data indicating more potential interest rate hikes, while copper prices rose as more Chinese cities relaxed COVID-19 restrictions, raising hopes for a full reopening.
5) China is easing its zero covid policy which will help to skyrocket copper demand which will help to gold increasing more in price.
Trend is Sideways, but supporting more towards Bullish.
Fundamental Range : 1,794.52-1,803.45
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 : 1790.35,1830.41,1895.25
Support Area : 1660.67,1620.61, 1555.77
Pivot point :1725.51
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, 1660.67 , and take profit will be at the pivot point,1725.00, stop loss at support 2 ,1620.00 (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
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DISCLAIMER :This analysis is based on Investing.com and Forexfactory.com. You may follow based on your own discreetion.
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