Gold trading strategy on November 4: Gold price fluctuates weakly, activists can short rallies

On Thursday (November 4), spot gold rose slightly, and short-term gold prices fluctuated weakly. It is recommended that activists go short on rallies and conservatives wait and see.


Daily level: The price of gold fell sharply on Wednesday, and the short-term shocks were weak.

Technically, MACD has formed a dead cross, which is consistent with the current weak trend, increasing the probability of decline. The highest intraday hit the 38.2% retracement level, and then contracted gains.

Under this circumstance, it is not optimistic that the price of gold will break through the 1778 mark. Therefore, it is recommended that radicals short rallies and conservatives wait and see.

The initial resistance above is the 38.2% retracement at 1778.37, and then the 100-day moving average at 1785.50 and the 23.6% retracement at 1793.84.

The initial support below is at the 50% retracement level of 1767.48. Breaking below this level means that the price of gold may slip to the October 18 low of 1760.41 and the 61.8% retracement level of 1756.60.

(Spot gold daily chart)

Resistance levels: 1778.37; 1785.50; 1791.84
Support levels: 1767.48; 1760.41; 1756.60

Short-term operation advice: conservatives wait and see, radicals short rallies

GMT+8 13:54, spot gold was quoted at $1,775.28 per ounce.