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Gold trading strategy on October 4: Trend line pressure test, gold price comes to a crossroads

Oct 26, 2021 10:57

On Monday (October 4), spot gold is almost stable. Short-term gold prices are facing the challenge of the trend line. The trend requires further wait and see. Investors are advised to wait and see.


Daily level: The price of gold rebounded sharply last Thursday, breaking through the 10-day moving average, and the downward trend was temporarily contained.

The short-term gold price tends to fluctuate sideways, and further trends still need to be wait-and-see. If the intraday rise breaks through the shackles of the downward trend line, the market outlook is expected to rise further.

However, if it closes down within the day, the price of gold will continue to be under pressure from the trend line, and the market outlook may continue to fall. Investors are advised to wait and see for the time being.

Above the resistance level, focus on the 20-day moving average of 1767.78, and further focus on the 50-day moving average of 1783.62 and the 200-day moving average of 1801.92.

Below the support level, focus on the low of 1750.79 on June 29, and further focus on the low of 1738.12 on September 23 and the low of 1721.76 on September 29.

(Spot gold daily chart)

Resistance levels: 1767.78; 1783.62; 1801.92
Support levels: 1750.79; 1738.12; 1721.76

Short-term operation advice: wait and see for now.

GMT+8 13:45, spot gold was quoted at US$1761.33 per ounce.