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Gold trading strategy on September 9: The decline in gold prices is difficult to change, but you need to be wary of the European Bank’s decision
Spot gold fluctuated within a narrow range on September 9, and the short-term gold price was bearish. The decline is difficult to correct, but investors need to be wary of the European Bank’s decision to support gold prices.
On Thursday (September 9), spot gold price fluctuated within a narrow range, and the short-term gold price was bearish and may continue to fall. However, the result of the European Bank's resolution may support the gold price. Investors are advised to be cautious in shorting.
Daily level: The price of gold continued its downward trend on Wednesday. As the US dollar continued to rise, it may fall further in the day and test the support below 1776.
From a technical point of view, MACD has formed a dead cross, gold prices are running below all moving averages, and RSI has not touched the oversold area. These factors all point to lower gold prices.
The focus of attention in the day is the European Bank’s decision. The market is betting that the European Central Bank may reduce bond purchases, which will hit the US dollar and boost the price of gold. Therefore, investors need to be cautious in shorting the gold price.
The above resistance initially pays attention to the 50-day moving average of 1798.08, and further attention to the 200-day moving average of 1809.48 and the July 8 high of 1818.39.
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: 1798.08; 1809.48; 1818.39
Support levels: 1776.88; 1761.12; 1750.79
Short-term operation advice: short rallies cautiously.
At GMT+8 14:00, spot gold was quoted at $1,787.08 per ounce.
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