Gold trading strategy on October 11: Gold prices are expected to continue to fluctuate sideways, but the downside opportunities are slightly greater

On Monday (October 11), spot gold fell slightly. The short-term gold price is expected to continue to maintain a sideways trend, and the downside opportunities are greater than the upside. It is recommended that conservatives wait and see, and radicals short rallies.


Daily level: The price of gold rose and fell last Friday, showing that the short-term strength is still very strong, and the long-term short-term is unlikely to attack again.

The price of gold is still maintaining a sideways trend. This trend is expected to continue in the day. On Monday, the United States will not release economic data due to a holiday, which also determines that the trend of gold will not be too volatile.

Investors need to focus on the downside risk of gold prices. The initial support below is at the 23.6% retracement level of 1743.90. A fall below this level will open the door to the psychological barrier of 1721.76 and 1700.

On the upside, initial resistance focuses on the October 4 high of 1770.44, and further attention to the October 8 high of 1781.41 and the July 23 low of 1790.26.

(Spot gold daily chart)

Resistance levels: 1770.44; 1781.41; 1790.26
Support levels: 1743.90; 1721.76; 1700.00

Short-term operational recommendations: conservatives take the wait and see, and radicals short rallies.

GMT+8 13:54, spot gold was quoted at $1755.94 per ounce.