Gold 10.14 short-term technical analysis: shock downward
In the early Asian session on Monday (October 14), spot gold fluctuated and weakened, currently trading around $2,655.18/oz. Although the US inflation data consolidated the prospect of a rate cut next month, the US PPI data also suggested that the inflation outlook remained favorable, raising the Fed's expectations for a rate cut in November. Gold prices rose by more than 1% on Friday, closing at $2,657.02/oz. At the same time, the safe-haven demand caused by geopolitical tensions in the Middle East also boosted gold. However, the US dollar index continued to rebound and is currently holding near a two-month high, which has made gold bulls cautious.
Friday's big rise in gold rose from the support of the daily moving average. We are not overly bearish on this wave. We can see that the daily moving average is around 2,630.
Technically, gold is fluctuating at a high level, and the high-level fluctuation channel has been drawn, with resistance at 2,660, so we are short at the resistance level of 2,660. Similarly, gold has found support near 2,610, and gold will continue to fluctuate between 2,610 and 2,660.
Friday's big rise in gold rose from the support of the daily moving average. We are not overly bearish on this wave. We can see that the daily moving average is around 2,630.
Technically, gold is fluctuating at a high level, and the high-level fluctuation channel has been drawn, with resistance at 2,660, so we are short at the resistance level of 2,660. Similarly, gold has found support near 2,610, and gold will continue to fluctuate between 2,610 and 2,660.
Nota
At present, the price of gold has been fluctuating. The short-term forecast range is 40-60Nota
Target 60, look at 50-45, short-term stop loss 68
Nota
60 to enter the market, 50 to close the position, profit 10K
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