Gold : Fundamental Factors
1) The Fed is widely expected to raise interest rates by a relatively smaller 25 basis points on Wednesday. But the central bank’s stance on future rate hikes will be closely watched, given that recent data has painted a somewhat mixed picture of the U.S. economy.
2) Markets are also awaiting a reading on January nonfarm payrolls later this week.The January nonfarm payrolls is expected to be at 185000 compare to 223000 previously.
3) A slew of Chinese economic data is also awaited this week for more cues on the world’s largest copper importer, after it recently relaxed most anti-COVID measures.
The trend is Bullish
Fundamental Range : 1,924.44 – 1,934.56
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 : 1929.18,1929.96, 1931.24
Support Area : 1926.62, 1925.84,1924.56
Pivot point : 1927.90
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, 1926.62 and the take profit will be at the pivot point , 1927.90 (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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