Gold trading strategy on October 13: Focus on short-term trading opportunities in the day, and activists short rallies

On Wednesday (October 13), spot gold rose slightly. In the day, we will pay attention to the short-term trading opportunities brought by the US CPI data and the minutes of the Federal Reserve meeting. It is recommended that activists go short rallies, and conservatives continue to wait and see.


Daily level: Gold prices continue to fluctuate sideways, waiting for important US CPI data and the minutes of the Federal Reserve meeting to guide further directions.

The recent trend of gold prices is drowsy, investors can hardly find the opportunity to enter the market, and the operation is more difficult. But the data in the evening may provide new trading opportunities.

Given the high probability that the Fed’s meeting minutes are likely to be eagle-eyed, if the CPI continues to rise, it may further strengthen the Fed’s expectations of early reduction and interest rate hikes, which will be negative for gold prices.

The European energy crisis intensified in September. Natural gas prices soared by more than 30% that month, and indirectly pushed U.S. oil up by nearly 10%, which may push up the actual inflation data.

Therefore, it is recommended that radicals go short on rallies, and conservatives continue to wait and see.

The initial resistance level above focuses on the 38.2% retracement level of 1764.93, and further attention is paid to the 50% retracement level of 1778.22 and the 61.8% retracement level of 1791.52.

The initial support below focuses on the 23.6% retracement level of 1748.49, 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: 1764.93; 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 13:41, spot gold was quoted at US$1762.01 per ounce.