EUR/USD 1.17747
0.156%
Gold 3334.89
0.269%
Oil 65.635
-1.022%
USD/JPY 144.562
-0.237%
GBP/USD 1.36511
-0.031%
GBP/JPY 197.337
-0.256%
Browse More
  • English
  • 简体中文
  • 繁體中文
  • Tiếng Việt
  • ไทย
  • Indonesia
Subscribe
Real-time News
Phil Flynn, senior analyst at Price Futures group: There seems to be some profit-taking in the oil market due to concerns that OPEC will increase production by more than expected.July 5, Swissquote senior market analyst Ipek Ozkardeskaya: The preference for the US dollar is weakening. First, concerns about US debt are rising, and second, the preference for US debt is facing risks. Another reason is that the tariff situation and trade disruptions will have a negative impact on US economic growth, and the Federal Reserve may not be able to support the economy when inflation risks rise.July 5th news: On July 4th local time, a federal judge in the United States briefly halted the Trump administrations plan to deport eight immigrants to South Sudan in order to buy time for their lawyers to state their claims in a Massachusetts court.On July 5, institutional analyst Javier Blas said that OPEC+ representatives are discussing a fourth consecutive increase of 411,000 barrels per day, but there is also the possibility of a "slightly larger" increase. According to the increased UAE quota, OPEC+ will return about 2.5 million barrels per day of production to the market. So far, about 1.4 million barrels per day have been returned (one increase of 138,000 barrels per day and three increases of 411,000 barrels per day). Next, the remaining increase may be divided into three monthly increases (two 411,000 barrels per day and one about 275,000 barrels per day). But it is also possible to accelerate the increase in production and make two increases of about 550,000 barrels per day.French President Emmanuel Macron: Airbus and Malaysia Airlines have reached a "historic" cooperation agreement. (Previously, AirAsia Bhd. reached a preliminary agreement with Airbus to purchase up to 70 Airbus SE extended-range jets, a transaction valued at $12.3 billion.)

Gold trading strategy on October 12: Gold prices continue to trade sideways, waiting for CPI data to be released on Wednesday

Oct 26, 2021 11:02

On Tuesday (October 12), spot gold rose slightly, and the short-term gold price is expected to remain sideways. It is recommended that conservatives wait and see, and radicals can still short rallies.


Daily level: The price of gold continues to fluctuate. The market mainly waits for Wednesday's US CPI data to guide the gold price. Before that, it may be difficult for the price of gold to make a difference. It is recommended that conservatives wait and see. Activists continue to short rallies as the market continues to bet that the Fed will cut its debt purchases in November.

The important resistance above is at 1764, the 38.2% retracement level of the 1834-1721 range. The bulls also encountered resistance here on September 30. If this resistance can be broken, the bulls are expected to usher in a respite and move towards the 50% retracement level. 1778 opened the door.

Breaking through the 50% retracement level and the resistance near the 50-day moving average at 1778, the bulls will enter the comfort zone and further point towards the 61.8% retracement level at 1791.

The important support below is the 23.6% retracement level of 1748, after the gold price has repeatedly found support near this level. A break below this level may further slide to the low of 1721 on September 29. Prior to this, the low of 1738 on September 23 is worthy of attention.

(Spot gold daily chart)

Resistance levels: 1764.93; 1778.22; 1791.52
Support levels: 1748.49; 1738.12; 1721.76

Short-term operating recommendations: conservatives wait and see, radicals short rallies.

GMT+8 14:05, spot gold was quoted at US$1,761.47 per ounce.

Suggestion