BACKTEST GOLD 8 JUNE 2023 - WEDNESDAY
SETUP TIMEFRAME: DAILY
DAILY SUPPORT TO DAILY RESISTANCE (UPTREND)
TECHNICAL
CONFLUENCE (REASON)
1) Daily Support + H4 QM Buy ($1940.64 - $1936.84)
2) Divergence TL @ H1 in the buy zone
CONFIRMATION @ 2 TF LOWER (H1)
Price Action: H1 Bottom Reversal Pattern (H1 RBS) - $1944.32
Bollinger Band: Price break to the upperband and pullback at the H1 20SMA - $1944.32
EXIT: Daily R + Daily 20SMA + H4 & H1 SR ($1969.48)
FUNDAMENTAL
News: HIGH IMPACT - Unemployment Claims (8:30PM MYT)
Actual less than forecast is good for currency
Result: Actual is greater than forecast; not good for the currency
- USD weaken, Gold strengthens
- Positive correlation between Unemployment claims and Gold prices.
Gold shoots up 218 pips during news @ 8:30PM MYT and did touch the Daily Resistance (exit)
Indicator used: Bollinger Band
DAILY SUPPORT TO DAILY RESISTANCE (UPTREND)
TECHNICAL
CONFLUENCE (REASON)
1) Daily Support + H4 QM Buy ($1940.64 - $1936.84)
2) Divergence TL @ H1 in the buy zone
CONFIRMATION @ 2 TF LOWER (H1)
Price Action: H1 Bottom Reversal Pattern (H1 RBS) - $1944.32
Bollinger Band: Price break to the upperband and pullback at the H1 20SMA - $1944.32
EXIT: Daily R + Daily 20SMA + H4 & H1 SR ($1969.48)
FUNDAMENTAL
News: HIGH IMPACT - Unemployment Claims (8:30PM MYT)
Actual less than forecast is good for currency
Result: Actual is greater than forecast; not good for the currency
- USD weaken, Gold strengthens
- Positive correlation between Unemployment claims and Gold prices.
Gold shoots up 218 pips during news @ 8:30PM MYT and did touch the Daily Resistance (exit)
Indicator used: Bollinger Band
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