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On September 18, Marex analyst Edward Meir said, "The Feds overall stance on interest rates is slightly hawkish, and they are not really keen on supporting rate cuts. Therefore, we saw the dollar strengthen after the Fed meeting and U.S. Treasury bond rates also rose... I think in the short term, gold prices may be a bit overbought and may retreat further to the $3,600 mark."The Central Bank of Moldova cut its key interest rate to 6%.The Eurozones seasonally adjusted current account data for July will be released in ten minutes.On September 18, Mitsubishi UFJ reported that the Bank of England will hold interest rates steady in September, following a narrow vote to cut rates in August. With little likelihood of a rate change now in sight, market attention will focus on the split in the vote, fine-tuning of policy guidance, and the annual decision on the pace of quantitative tightening. A 7-2 vote is expected to maintain interest rates, with Taylor and Dhingra voting for a rate cut. Guidance will continue to indicate a gradual decline in interest rates, but looking ahead, the Bank of England appears prepared to slow the pace of rate cuts to reflect the lack of consensus on easing. A December rate cut remains possible, but it is likely to be another close call. Regarding the balance sheet, the market generally expects the pace of quantitative tightening to slow from the current annual pace of £100 billion. This figure is expected to be revised to £60 billion, implying a slight reduction in active sales compared to the previous 12 months.Sources: Qatar raised the price of its October Al-Shaheen crude oil to a premium of $3.61 per barrel over the benchmark oil price.

Gold trading strategy on October 14: the key to staying at the Qianba pass, but the fundamentals are still bearish

Oct 26, 2021 11:03

Spot gold fell slightly on Thursday (October 14). The short-term trend is still unclear. The fundamentals are bad and the bulls are strong. Investors are advised to wait and see for the time being.


Daily level: The price of gold ushered in a surge on Wednesday, only one step away from the 1800 mark.

Fundamentals are still unfavorable for the bulls. The minutes of the US September meeting once again affirmed the reduction in November, which will put greater pressure on gold prices as November approaches.

RSI shows that the price of gold is slightly overbought, but the bigger test lies in the stay of the 1800 line. If it fails to break through the 1800 mark, the price of gold is bound to fall under pressure.

Investors are advised to wait and see for the time being and wait for further clarification of the direction of operation.

The initial resistance above focuses on the 1800 psychological mark, and further attention is paid to the August 5 high of 1814.89 and the August 30 high of 1823.31.

The initial support below focuses on the 50% retracement level 1778.22, and further attention to the 38.2% retracement level 1764.93 and the 23.6% retracement level 1748.49.

(Spot gold daily chart)

Resistance levels: 1800.00; 1814.89; 1823.31
Support levels: 1778.22; 1764.93; 1748.49

Short-term operation advice: wait and see first.

GMT+8 14:03, spot gold was quoted at US$1,790.90 per ounce.