November 12 gold trading strategy: bulls are strong, continue to do more on dips

On Friday (November 12), spot gold fell slightly, and the short-term gold price is still strong. Investors are advised to do more on bargain hunting and short positions to exit the market to avoid risk.


Daily level: The price of gold continues to rise on Thursday. Since the rebound on November 4, the price of gold has risen for six consecutive times. The bulls are expected to remain strong in the short term.

If the price of gold continues to rise within the day, the initial resistance should be at the November 10 high of 1685.55. Breaking through this level will be further opened up. The high of 1877.72 on June 14 and the high of 1890.10 on May 19 are further resistance levels.

From a technical point of view, RSI shows overbought signals, and the performance of gold prices in Asia is weak. If the price of gold falls within the day, it will not surprise the market, but it does not rule out the possibility of a bottoming and a seven-game rise.

In the case that the unilateral market is not over, it is recommended that the shorts temporarily exit the market, and the longs can continue to do more on dips.

The initial support below focuses on the 5-day moving average of 1,845.51, and further attention to the high of 1,834.03 on September 3 and the low of 1,822.42 on November 10.

(Spot gold daily chart)

Resistance levels: 1868.55; 1877.72; 1890.10
Support levels: 1845.51; 1834.03; 1822.42

Short-term operation advice: do more on dips.

GMT+8 13:59, spot gold was quoted at $1,859.83 per ounce.