[Gold] Gold price fell to two-month low at $1,860 (with trading recommendations)

Spot gold fell 0.3% to $1,860.05 per ounce. Gold prices earlier hit the lowest level since July 22 of 1,853.32 US dollars.

US gold futures fell 0.3% to $1,862.30.

Spot silver fell 4.8% to US$23.25 per ounce, hitting a nearly two-month low of 23.04 intraday. Spot platinum fell 1% to $858.47, and spot palladium fell 0.1% to $2,217.75.

Within days, Powell will continue to attend the hearing in Congress. At the hearing the day before, Powell's remarks did not have a significant impact on the foreign exchange market. On the contrary, the hawkish comments of Chicago Fed Chairman Charles Evans provided strong support to the dollar, saying that the Fed may still raise interest rates before average inflation reaches 2%.

Although the price of gold has dropped significantly, Citibank believes that the US presidential election will be another big risk, and the price of gold may break a record high again before the end of the year.

Trading advice (provided by Trading Central)

Pivot: 1935.00

Our preference: short positions below 1935.00 with targets at 1815.00 & 1770.00 in extension.

Alternative scenario: above 1935.00 look for further upside with 1980.00 & 2035.00 as targets.

Comment: the RSI has broken down its 30 level.

Supports and resistances:

2035.00 **

1980.00 ***

1935.00 ***

1864.00 Last

1815.00 ***

1770.00 ***

1720.00 **

Guideline for Trading Central strategy

Trend chart reading guideline

1. First look at the time period in the upper left corner of the chart：

・30MIN and 1H chart shows the trading suggestions for intraday

・Daily chart shows the market trend analysis in next 2-3 days

2. The blue horizontal line on the chart marks the pivot: pivot indicates the reversal of the market. When the price is above the pivot, it indicates an upward trend, when the price is below the pivot , it indicates a downward trend. When the price breaks through the pivot, the trend is reversed.

1. The red and blue thin curves in the Candlestick chart chart are technical indicators: Red line is MA20+Bollinger bands, Blue line is MA50. under the Candlestick chart chart are also the technical indicators:  Blue line is RSI, Red line is 9MA;

4. The green horizontal line is the resistance level for a price increase, and is also the profit target for long orders; the red horizontal line is the support level for a price decrease, and is also the profit target for short orders.

How to use TC strategy？

1.[Pivot] is the reversal line of the market trend. When the price up the pivot line which means in Bullish, you can open a long position or Buy. on the contrary, when the price under pivot line which means in bearish. You ‘d better make short positions or Sell.

2. [our preference] is the main trading suggestion for your reference. You can exit your trading refer to this target or close positions before it.

3. [Alternative scenario] is the plan B for your reference.

4. [Comment] is the technical analysis of market trends and technical support for trading strategies.

5. [Supports and resistance] Supports are levels where the price tend to find support as it falls.

Resistances are levels where the price tend to find resistance as it rises. So, exit before the trend reverse.