Gold trading strategy on October 8: Gold price trend depends on non-agricultural performance, radicals lay out short orders on rallies

On Friday (October 8), spot gold price rose slightly. The short-term gold price trend depends on the quality of non-agricultural data. It is recommended that conservatives wait and see, and radicals short rallies.


Daily level: Gold prices have traded sideways for several days, the market temporarily loses its direction, and investors are waiting for the non-agricultural report with bated breath.

If there are no accidents in non-agricultural sectors, it will be imperative for the Fed to reduce QE in November, so the price of gold is likely to be under pressure again. If it breaks below the 23.6% retracement level support, it will open the door to 1721.

The initial resistance above is concerned with the 38.2% retracement level 1764.27. If it breaks through this level, it will look at the 50% retracement level 1777.59 and the 61.8% retracement level 1790.91.

The initial support below focuses on the 23.6% retracement level of 1747.79, and further attention is paid 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; 1790.91
Support levels: 1747.79; 1738.12; 1721.76

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

GMT+8 13:54, spot gold was quoted at US$1758.81 per ounce.