On Friday (October 28), spot gold fluctuated slightly during the Asian session. Currently trading around $1,660/ounce. Investors generally wait for the performance of the US September PCE data in the evening. The market expects that the US core PCE annual rate will continue to rise to 5.2%, which is expected to further provide data support for the Federal Reserve hike rate 275 basis points next week, putting pressure on the gold price; however, expectations that the Federal Reserve will slow down the pace of interest rate hike in December have further heated up, and the yield of US bond hovered near the low point in the past two weeks, which also provided support for the gold price. The K-line recorded a cross star on the previous trading day, and the short-term trend of increased, but it still slightly tended toward the bulls.
In addition, this trading day needs to pay attention to the performance and impact of the third-quarter GDP data in France and Germany, and pay attention to the monthly rate of the sales index of the United States after the season adjustment in September and the speeches of ECB officials.
daily line level: oscillation; MACD golden cross , KDJ golden cross, 5 daily moving average crosses the 10-day moving average and form a golden cross. Before falling behind the 10-day moving average 1650.67, the short-term still slightly biased towards the bulls. The initial resistance is near the 21-day moving average 1668.37, and then the high resistance of this week is around 1674.77. If this resistance can be exceeded, a short-term bullish signal will be added; further resistance is around 1683.83 on October 11, the 55-day moving average resistance is around 1692.48, and the strong resistance is near the 1700 integer mark.
Given that the 21-day moving average has suppressed gold prices many times this week, it also recorded a cross-star K-line on Thursday, and it is also necessary to beware of the risk of gold prices returning to the decline. Pay attention to the support of the 10-day moving average near 1650.67. If it falls below this position, a short-term bearish signal will be added; this week's low support is around 1638.18. Further support is near the 1630 integer mark.
Resistance: 1668.37; 1674.77; 1683.83; 1692.48;
Support: 1650.67; 1638.18; 1630.00; 1617.12;
Short-term operation suggestions: Conservatives wait and see; radicals are cautious when they are low goes long .
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.
