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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.

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