On Monday (October 24), spot gold rose and fell back to . At the beginning of the session, the gold price once rose to around the 1670 mark due to the decline of the US dollar and the price of gold rose slightly, but as the US dollar reversed and rose slightly, the gold price gave up the increase , and is currently trading around US$1,655. Last Friday, the " Wall Street Journal " conveyed to the market . Federal Reserve officials began to hint that they hope to slow down the pace of interest rate hikes , which started the rebound of gold. The technical side shows that the gold price has initially bottomed out, and there is a chance for further rebound in the short term gold prices, but whether they can continue to rebound, we still need to pay attention to the trend of the US dollar.
This week, paying attention to the market's expected changes in the third quarter of the United States and the United States' PCE data in September. In addition, pay attention to the relevant news about Japan's intervention in the foreign exchange market and the UK's political situation, and pay attention to news related to geopolitical situations. This trading day focuses on the performance of PMI data in October in European and American countries. Currently, the market expectations are relatively pessimistic and are expected to provide safe-haven support for gold prices, but we still need to pay attention to the market's safe-haven buying situation for the US dollar.
daily line level: oscillation; KDJ golden cross , gold price last week recorded a bullish bottom signal near the strong support level of the 1620 mark last week. The possibility of gold price forming a "W" bottom in the midline has increased, and there is also a chance of further rebound in the short term gold price. The initial resistance is around the 21-day moving average 1665.23, the intraday high resistance is near the 1670 mark, and the 61.8% retracement level resistance of the 1629-1617 decline is around 1686.45. If this resistance can be exceeded, the medium-term bullish signal will be added.
If the gold price cannot exceed the resistance around 1686.45, you still need to be wary of the possibility of gold price returning to the decline; the initial support below is near the 1650 mark, the 5-day moving average supports around 1643.91, and the 23.6% retracement level is also near this position. If it falls below this position, it will weaken the short-term bullish signal.
Resistance: 1665.23; 1670.68; 1680.00; 1686.45;
Support: 1650.00; 1643.91; 1634.30; 1627.95;
Short-term operation suggestions: Conservatives wait and see; radicals are cautious when they are low and go long when they are low and is cautious when they are high.
Bailihao Global Warm Reminder: The above content and views are provided by the third-party cooperative platform think tank, for reference only and do not constitute any investment advice. Investors act on this basis at their own risk.
