BACKTEST GOLD 14 JUNE 2023 - WEDNESDAY
SETUP TIMEFRAME: H4 (as Daily is still in sideway)
H4 Support to H4 Resistance
TECHNICAL (SOLEY PRICE ACTION)
- Because during sideway, easier to see by price action
ZONES FOR ENTRY
1) D S + H4 S + H1 S (1940.06)
- Confirmation Pattern = H1 Breakout Resistance
- 90 pips of buy
Time: 0200 (US sesh)
2) H1 RBS (1946.23 - 1945.24)
- Confirmation Pattern = M15 Failure Swing Chart Pattern
- 74 pips of buy
Time: 1400 (Euro sesh)
3) H1 SS + H1 20SMA Pullback (1946.23 - 1945.24)
- Confirmation Pattern = Double Bottom (TNG) During news, high volatility
- 143 pips of buy
Time: 2030 (US sesh)
4) H4 QMS (1960.81 - 1957.41)
- Confirmation Pattern = M15 Ascending Triangle Breakout Support
- 200 pips of sell
- 2300 (US Sesh)
FUNDAMENTALS
PPI = Producer Purchasing Index
- Change in the price of finished goods and services sold by producers;
- It's a leading indicator of consumer inflation - when producers charge more for goods and services the higher costs are usually passed on to the consumer;
Actual: -0.3%
Forecast: -0.1%
Previous: 0.2%
'Actual' greater than 'Forecast' is good for currency;
Result: Not good for currency. USD weaken and Gold strengthens. But Daily is still in sideway.
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