Gold trading strategy on October 7: Gold price sideways for non-agricultural purposes, it is recommended to wait and see for the time being

On Thursday (October 7), spot gold rose slightly, and short-term gold prices are expected to fluctuate sideways, waiting for the release of non-agricultural data. Investors are advised to wait and see.


Daily level: The price of gold bottomed out on Wednesday and recovered, and once again found support below, the short-term sideways trend gradually became clear.

From a technical point of view, the MACD is at a low level and the RSI is flat. The next step of the gold price will depend on tomorrow's non-agricultural data. Until then, investors will remain cautious.

If the bulls can regain the 50% retracement level of 1777 in the 1834-1721 range, the downtrend will end, and the price of gold is expected to usher in further rises, but if it falls below the 23.6% retracement level of 1747, the price of gold may plunge towards 1721 or even 1700.

The upper resistance is concerned about 1777.59, and further attention is paid to the 61.8% retracement level of 1790.91 and the psychological barrier of 1800.

Below support is concerned about 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: 1777.59; 1790.91; 1800.00
Support levels: 1747.79; 1738.12; 1721.76

Short-term operation advice: wait and see first.

GMT+8 15:20, spot gold was quoted at US$1,765.71 per ounce.