MULTIDIMENSIONAL ANALYSIS
TECHNICAL ANALYSIS:
D1 Chart:
1900-1910 resistance zone holding at the moment.
If price breaks above resistance zone 1930-1940 top of the channel is highly likely.
H1 Chart:
If price is unable to break above 1900-1910 resistance zone its likely to break out below the Rising Wedge Pattern and attempt to retest 1850
FUNDAMENTALS:
The previous 3 NFP produced positive results causing Gold to drop. Tomorrows NFP is expected to be positive.
GEOPOLITCS:
$2.2 Trillion Fiscal Stimulus is being discussed in congress. If this is agreed then Gold will have a temporary push up.
COT:
Hedge funds reduced net long positions last week. indicating they are not expecting to take price higher.
SEASONALITY:
October is a rangebound
China Golden Week will cause low volume this week and most of next week and gold could retrace.
SUMMARY:
1930-1940 is possible. Expecting retracement after 1930-1940 is tested( Sell on rejection of 1935 Zone)
Price could drop from 1900-1910 zone.( Sell on rejection of 1910 Zone)
NFP is the uncertinaty and could push price either way although its expected to push down.
Overall seasonally is rangebound so not expecting price to challenge all time high.
TECHNICAL ANALYSIS:
D1 Chart:
1900-1910 resistance zone holding at the moment.
If price breaks above resistance zone 1930-1940 top of the channel is highly likely.
H1 Chart:
If price is unable to break above 1900-1910 resistance zone its likely to break out below the Rising Wedge Pattern and attempt to retest 1850
FUNDAMENTALS:
The previous 3 NFP produced positive results causing Gold to drop. Tomorrows NFP is expected to be positive.
GEOPOLITCS:
$2.2 Trillion Fiscal Stimulus is being discussed in congress. If this is agreed then Gold will have a temporary push up.
COT:
Hedge funds reduced net long positions last week. indicating they are not expecting to take price higher.
SEASONALITY:
October is a rangebound
China Golden Week will cause low volume this week and most of next week and gold could retrace.
SUMMARY:
1930-1940 is possible. Expecting retracement after 1930-1940 is tested( Sell on rejection of 1935 Zone)
Price could drop from 1900-1910 zone.( Sell on rejection of 1910 Zone)
NFP is the uncertinaty and could push price either way although its expected to push down.
Overall seasonally is rangebound so not expecting price to challenge all time high.