Mastery Trade XAUUSD 9 Jan 2022 for Fundamental Analysis and Technical Analysis

Gold : Fundamental Factors

1) China buy large quantities of oil despite its worrying COVID situation, the Chinese actions seemed geared more towards storing crude than buying it for immediate use.

2) Demand for oil in China typically rises each year after the Lunar New Year, which, this year, is due at the end of January.

3) Wall Street sparked a global rally in stocks on Friday after a crucial U.S. jobs report showed wage growth slowed in December, fuelling investor bets that inflation is easing and that the Federal Reserve need not be as aggressive as some feared.

Trend is Bullish

Fundamental Range : 1,865.20 – 1875.29

(Disclaimer: The range can be more or lesser however it will definately cross this range for the daily.) (Safe range provided)

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 :1869.98,1870.77,1872.05
Support Area : 1867.49,1866.61, 1865.20
Pivot point : 1868.90

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 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 daily chart at 1865.97 and take profit will be at the pivot point, 1868.70 or at the third resistance point 1875.29 (SEE CURRENT MARKET PRICE WHEN ENTRY)

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.

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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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