Gold trading strategy on November 1st: The rise of gold prices is expected to be temporarily suspended, and short-term shocks are on the sidelines

On Monday (November 1), the spot gold rose slightly. The short-term gold price is expected to temporarily stop, and the trend is volatile and bearish. It is more difficult to operate. Investors are advised to wait and see.


Daily level: The price of gold fell below the 1800 mark and the upward trend line support last Friday. The current trend is volatile and bearish.

Since the end of September, the trend of strong volatility has been destroyed, which means that the short-term gold price rise has been suspended. At the same time, the RSI is around 50, which brings more uncertainty to the gold price trend.

In terms of operation, it is recommended to wait and see for the time being, and there are no important economic data released in the day.

The lower support focuses on the 50% retracement level of 1777.59. If it falls below this level, it means that the bears once again take the upper hand, and the price of gold may further slide to the 38.2% retracement level of 1764.27, and then pay attention to the June 29 low of 1750.79.

The upper resistance focuses on the 61.8% retracement level of 1790.91. Breaking through this level will point to the 1800 mark. If it goes up, focus on the 76.4% retracement level of 1807.39.

(Spot gold daily chart)

Resistance levels: 1790.91; 1800.00; 1807.39
Support levels: 1777.59; 1764.27; 1750.79

Short-term operation advice: wait and see first.

GMT+8 13:37, spot gold was quoted at $1,785.57 per ounce.