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The main contract of SC crude oil fell 4.00% during the day and is now trading at 468.00 yuan per barrel.On May 15, IG Markets analyst Tony Sycamore said that Australias strong employment data in April once again reminded people that the job market is resilient. However, with inflation returning to the RBAs target range, coupled with high tariffs that pose downside risks to global economic growth, the RBA is still expected to cut interest rates at next weeks meeting. Since the release of the employment report, interest rate market traders have slightly reduced the probability of a 25 basis point rate cut next week from 90% to 80%.Sources said Japan is seeking to hold a third round of U.S.-Japan trade talks next week.May 15th, the Asia-Pacific Economic Cooperation (APEC) warned on Thursday that the regions exports will hardly grow this year amid the backdrop of increased tariffs imposed by the United States. At the same time, APEC, which consists of 21 member countries, began its annual trade ministerial meeting. APEC released a regional trend analysis report, predicting that the regions exports will grow by only 0.4% this year, compared with 5.7% last year. APEC also lowered its regional economic growth forecast for this year from 3.3% to 2.6%. "APECs trade growth will decline significantly due to declining external demand, especially for manufacturing and consumer goods, while at the same time, rising uncertainty surrounding commodity-related measures has also put pressure on trade in services," APEC said in a statement.New York gold futures fell 1.00% during the day and are now trading at $3,156.20 an ounce.

Gold trading strategy on October 5: The Fed's reduction is imminent, and the bullish rally will be tested

Oct 26, 2021 10:58

On Tuesday (October 5), spot gold fell sharply, and the technical situation of gold was too much. However, under the background of the Fed's shrinking, the short-term trend is difficult to judge. Investors are advised to continue to wait and see.


Daily level: The price of gold has risen for the previous three consecutive times and has crossed the important resistance of the downward trend line. However, the sharp decline during the Asian session has clouded the further rise of gold prices.

From a technical point of view, MACD Golden Cross and RSI are operating around 50, which also shows that the overall pattern is too large. However, under the background of the upcoming reduction of QE by the Federal Reserve in November, the space above gold may be limited.

The short-term gold price trend is mixed, and the direction is not very clear. It is recommended that investors continue to wait and see.

The initial resistance above focuses on the 38.2% retracement at 1764.27, and further attention is paid to the 50% retracement at 1777.59 and the 50-day moving average at 1772.97.

The initial support below focuses on the 10-day moving average of 1751.68, and further attention to the low of 1738.12 on September 23 and the low of 1721.76 on September 29.

(Spot gold daily chart)

Resistance levels: 1764.27; 177.59; 1792.97
Support levels: 1751.68; 1738.12; 1721.76

Short-term operation advice: wait and see first

GMT+8 14:01, spot gold was quoted at US$1757.59 per ounce.

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