Gold trading strategy on September 10: Gold prices are under pressure at the thousand-eight mark, and it is recommended to go short on rallies

On Friday (September 10), spot gold rose slightly, and the short-term gold price may continue to fall. Investors are advised to short rallies.


Daily level: Although the price of gold stabilized on Thursday, it was still operating below 1800, and the MACD formed a dead cross, suggesting that the price of gold may continue to fall in the future.

If the bulls want to get rid of the downtrend, they must try to make the price of gold close above 1800, and the 200-day moving average is near 1809. If it can break through this level, the outlook for gold prices is bullish.

The RSI shows that the index is currently between 40-50. There are opportunities for the price of gold to rise or fall, but the price of gold is currently below the moving average of all cycles, suggesting that the downside opportunity is slightly greater. It is recommended that investors continue to short rallies and pay attention to the gains and losses of the 1800 line.

The initial resistance above focuses on the 200-day moving average 1809.43, and further attention to the August 30 high of 1823.31 and the September 3 high of 1834.03.

The support below first pays attention to the 38.2% retracement level 1776.88, and further pays attention to the low of 1761.12 on June 18 and the low of 1750.79 on June 29.

(Spot gold daily chart)

Resistance levels: 1809.43; 1823.31; 1834.03
Support levels: 1776.88; 1761.12; 1750.79

Short-term operation advice: short rallies.

GMT+8 13:19, spot gold was quoted at $1,797.85 per ounce.