Gold futures continued to rise in early trading on Tuesday (October 24). They opened at 1,972.47 US dollars per ounce today, with a maximum of 1,978.59 US dollars per ounce and a lowest of 1,971.29 US dollars per ounce. As of press time, the gold price was at 1,976.79 US dollars per ounce, an increase of 0.22%. .
Interpretation of the news:
Fundamentally, although the situation between Palestine and Israel remains unchanged, the market experienced a profit-taking process yesterday after the stormy data impact in the past two weeks. The United States’ unprincipled support for Israel has further impacted its international credibility and status. The US dollar index showed Pullback signal. The unexpected strength of the U.S. economy and mixed signals from the Federal Reserve have triggered some of the sharpest volatility in the U.S. Treasury market in recent times. Combined with geopolitical anxieties and a surge in debt supply, market watchers say continued volatility is likely in the coming months. Open the link: https://pinglun.fx678.com/analyst/118087 Introduce the profile below the avatar to get the teacher’s contact information and more real-time strategies!
Gold trend analysis:
Spot gold opened sharply lower by about $15, opening at $1,964.81 per ounce. On Friday, gold prices closed at $1,980.24 per ounce. The price of gold opened sharply and then rebounded, hitting a low of $1,964.23 per ounce and currently trading at $1,965.89 per ounce. Gold prices rose for a second straight week last week, however, the near-term technical outlook suggests the market is overbought. Gold prices fell strongly on Monday and fell below $1977.25 per ounce, which suggested that the outlook for gold prices will turn bearish, but we note that gold prices are trying to recover again, and the stochastic indicator has clearly gained positive momentum, which leads us to predict that gold prices will move higher today. Gold would need to move above $1,977.25 an ounce to confirm a resumption of the bullish trend, with the next major target at $2016.90 an ounce.
In terms of gold, there has been a V-shaped reversal since 1810, and the unilateral pressure continued last Friday until it reached $2,000. The possibility of profit-taking on Friday cannot be ruled out. If it is only caused by profit-taking on Friday, the market outlook will resume again. It stands above 2000, but the callback structure of the rising structure cannot be avoided. Although it has reached the pressure range, the short trend (band) has not yet formed. In the short term, we will first pay attention to the strength of the callback. If gold fails to break above $1,977.25 per ounce, this will lead to further declines and a test of the main target of $1,945.20 per ounce. Gold prices today will trade between the support level of $1,960.00 per ounce and the resistance level of $1,995.00 per ounce. The expected trend for gold prices today is bullish.
The low opening on Monday and the frequent selling by institutions caused the gold price to go up and down for several times, but overall it was trading in the 1962-1983 range. As of the current publication, the gold price is trading around 1976. Since the Palestinian-Israeli conflict, gold has soared to a high of 1997 last Friday. Although it fell later, it was also caused by profit-making selling at high prices, which means that the bullish trend has not changed. Judging from the trend at the beginning of this week, the long-short watershed support for gold prices is still relatively solid, so we still need to maintain a low-long position in operation, or even directly go long at a high level to see last week’s high. Today’s operation is stable, waiting for longs near 1968, stop loss 1960, the target is to see if 1983 can break, and then wait for the retracement to go long to see last week’s high of 1997 break, until it is near 2017, and then see if we can start laying out medium and long-term short positions. Single entry.
Suggestions for gold operation: go long when there is a pullback around 1965, stop loss at 1960, and target the 2000 mark.
Disclaimer: Views shared are for reference only and do not constitute investment advice. Investment involves risks, and you must be responsible for any profits or losses.