Gold : Fundamental Factors
1) Gold prices rose after the minutes of the Federal Reserve’s December meeting showed that policymakers unanimously supported raising interest rates at a slower pace, offering some relief to metal markets battered by rising borrowing costs.
2) Uncertainty over an economic reopening in China weighed heavily on the gold, as the world’s largest copper importer faces an overwhelming spike in COVID-19 infections.
3) U.S. manufacturing activity shrank for a second straight month in December, data showed on Wednesday, furthering fears of an economic slowdown in the US country.
Trend is Bullish
Gold : Fundamental Range : 1,841.08 – 1881.01
(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 : 1863.16,1869.97,1881.01
Support Area : 1841.08,1834.27, 1823.23
Pivot point : 1852.12
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 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 daily chart by using the support 1, 1841.08 and take profit will be at the pivot point,1852.12 (CURRENT MARKET PRICE)
See current market and find the nearest support point for entry and take profit.
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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