Mastery Trade for XAUUSD 25 JAN 2023 for Fundamental Analysis and Technical Analysis
Gold : Fundamental Factors
1) Gold prices steadied near a nine-month high on Wednesday as fears of a looming recession kept safe haven demand elevated, while copper prices rose on expectations that a recovery in Chinese demand will help offset slowing consumption in other countries.
2) Safe haven demand for the metal outpaced that for the dollar amid increased expectations that the Federal Reserve will slow its pace of interest rate hikes in the coming months.
3) Focus this week is on U.S. fourth-quarter GDP data to gauge how much growth slowed towards the end of 2022, especially as the effects of sharp interest rate hikes and relatively higher inflation began to be felt.
The trend is Bullish
Fundamental Range : 1,925.90 – 1,939.68
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 : 1942.37,1948.53,1958.50
Support Area : 1922.43, 1916.27,1906.30
Pivot point : 1932.40
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 strong buy in monthly timeframe.
Use linear regression to get confirmation trend at daily as they are not available in investing.com
Linear regression shows upward 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% ,weekly and monthly has lesser than 50% for the RSI strategy Tester and Bolinger Band Strategy Tester.
Gold : Find buy at the daily chart by using the first support point 1,1922.43 and the take profit will be at the pivot point ,1932.40 (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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