Gold trading strategy on October 6: Pre-non-agricultural gold prices are expected to fluctuate within a narrow range

On Wednesday (October 6), spot gold fell for the second consecutive day. Short-term gold prices may continue to fluctuate before the non-agricultural report is released. Investors are advised to wait and see for the time being.


Daily level: The price of gold fell slightly on Tuesday, and the support of the trend line will be tested in the day.

The short-term trend is relatively volatile and the operation is more difficult. It is expected that the non-agricultural report this Friday will guide the future trend of the gold price, and the price of gold may continue to fluctuate before this.

The technical side is mixed. On the one hand, the MACD is at a low level to form a golden cross, and on the other hand, the price of gold is still running below the middle track of the Bollinger Band. If the price of gold holds the trend line support, it will lay the foundation for further increases. Investors are advised to wait and see for the time being.

The upper resistance focuses on the 38.2% retracement at 1764.27, and further attention is paid to the 50% retracement at 1777.59 and the 61.8% retracement at 1790.91.

Below support is concerned about 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 operation advice: wait and see first.

GMT+8 13:47, spot gold was quoted at $1,751.50 per ounce.