Gold trading strategy on November 5: There are many intraday volatility, need to pay attention to the non-agricultural report

On Friday (November 5), spot gold rose slightly, and short-term gold prices fluctuated frequently. Investors should pay attention to non-agricultural data and choose low or high prices.


Daily level: The price of gold rose sharply on Thursday, forming a "bullish engulfing". It is possible to continue the upward trend in the day. However, the direction of the gold price is not clear in the near future, and there are still many uncertainties in the trend.

The important factor that dominates the trend of gold prices in the day is the October non-agricultural report. This report may be relatively strong and bearish on the price of gold. Therefore, investors need to avoid risks and chase high, especially before 1800.

On the contrary, the technical side is more inclined to the sideways trend, so it is more difficult to operate in the day. It is recommended that investors wait for the data to be released before choosing a low-to-high or high-altitude opportunity.

The initial resistance above focuses on the 1800 mark, and further attention is paid to the high of 1808.66 on September 14 and the high of 1813.82 on October 22.

The initial support below focuses on the 100-day moving average at 1785.97, and further attention is paid to the 38.2% retracement level of 1778.37 and the 50% retracement level of 1767.48.

(Spot gold daily chart)

Resistance levels: 1800.00; 1808.66; 1813.82
Support levels: 1785.97; 1778.37; 1767.48

Short-term operation suggestions: market volatility, choose low-to-high or high-altitude opportunities.

GMT+8 14:20, spot gold was quoted at US$1,796.49 per ounce.