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Gold trading strategy on September 13: Gold prices continue to run weakly, and activists may consider shorting
Spot gold rose slightly on September 13, and the price of gold continued to run weakly below 1800. There may be further downsides in the future. It is recommended that activists short rallies.
On Monday (September 13), spot gold price rose slightly, and continued to fluctuate in the short-term. The market outlook has further downside opportunities. It is recommended that conservatives wait and see, and radicals short rallies.
Daily level: The price of gold rose and fell on Friday, and was once again blocked near the 50% retracement level of 1803, indicating that the bulls have insufficient confidence. In the absence of US data and speeches by Fed officials, the price of gold may continue to trade sideways.
From a technical point of view, the price of gold continues to remain below 1800 and runs weakly below all moving averages. The MACD crosses downwards and the Bollinger Bands center line is flat, indicating that the gold price may fluctuate downward in the future.
The initial resistance above is at the 50% retracement level of 1803.54. Breaking through this level may have a further opportunity to rise. Further upward resistance will focus on the 100-day moving average at 1815.89 and the 61.8% retracement level at 1830.20.
The initial support below is at the 38.2% retracement level of 1776.88. A break below this level will look at the low of 1761.12 on June 18 and the low of 1750.79 on June 29.
(Spot gold daily chart)
Resistance levels: 1803.54; 1815.89; 1830.20
Support levels: 1776.88; 1761.12; 1750.79
Short-term operating suggestions: conservatives wait and see, radicals short rallies.
GMT+8 13:51, spot gold was quoted at $1,792.94 per ounce.
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