Mastery Trade XAUUSD 2 DEC 2022 for Fundamental Analysis and Technical Analysis

Gold : Fundamental Factors

1) Average Hourly Earnings m/m is at 0.3% compare to 0.4%

2) U.S. Federal Reserve signals that it would slow its interest rate hiking pace.

3) In commodities, earlier in the day oil prices had risen sharply ahead of the 4 Dec meeting of the Organization of the Petroleum Exporting Countries (OPEC) and allies including Russia, a group known as OPEC+.

4) An easing COVID curbs in China spurred hopes for higher demand from world’s top crude importer and this helps to increase gold price also.

5) Non-Farm Employment Change is at 200000 compared to 261000

Gold : Trend is Bullish

Fundamental Range : 1,801.91-1,804.58

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 : 1805.43,1813.12,1825.55
Support Area : 1780.57,1772.88,1760.45

Pivot point : 1793.00

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,1780.57, and take profit will be at the pivot point,1793.00, stop loss at support 2 ,1772.88 (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.

https://my.weltrade.com/?r1=ipartner&r2=49989

DISCLAIMER :This analysis is based on Investing.com and Forexfactory.com. You may follow based on your own discreetion.

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