Mastery Trade XAUUSD 10 Jan 2023 for Fundamental Analysis and Technical Analysis
Gold : Fundamental Factors
1) A cooling labor market is boosting hopes for a slower rate hike pace, though officials from the Fed have made it clear they intend to keep rates elevated this year in a bid to tame inflation.
2) Analysts expecting the CPI data to show moderation on prices compared to the same time one year ago.
3) Oil prices rose Friday, helped by the news of the reopening of China’s borders, for the first time in three years, boosting the outlook for fuel demand growth in the world’s largest crude importer.
Trend is Bullish
Fundamental Range : 1,867.95 – 1887.45
(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 : 1878.58,1881.97,1887.45
Support Area : 1867.62,1864.23,1858.75
Pivot point : 1873.10
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 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 buy at the support 1 at 1867.62 and take profit will be at the third resistance point 1887.45 (SEE CURRENT MARKET PRICE WHEN ENTRY)
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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