November 2 gold trading strategy: gold prices tend to fluctuate sideways in the short term

On Tuesday (November 2), spot gold held steady below 1800, and short-term gold prices tended to fluctuate sideways. Investors are advised to wait and see for the time being. Gold prices are expected to have limited volatility before the Fed's decision.


Daily level: Gold prices continue to fluctuate. Investors are expected to continue to operate cautiously before the announcement of the Federal Reserve interest rate decision in the early hours of Thursday.

From a technical point of view, the price of gold fell below the upward trend line last Friday, which means that the trend of volatility and strengthening since the end of September has been suspended. The MACD doubles flat and the red bar shortens, which means a possible sideways trend.

In terms of operation, investors are advised to wait and see for the time being. The current ups and downs are half-and-half. The intraday trend is closely related to changes in risk sentiment, and since there is no important US data released in the day, the fluctuation of gold prices may be relatively limited.

The initial resistance above focuses on the 1800 integer mark, and further attention is paid to the high of 1813.82 on October 22 and the high of 1827.30 on September 7.

The initial support below focuses on the 100-day moving average at 1785.96, and further attention on October 29, 1772.07 and October 18, 1760.41.

(Spot gold daily chart)

Resistance levels: 1800.00; 1813.82; 1827.30
Support levels: 1785.96; 1772.07; 1760.41

Short-term operation advice: wait and see first

GMT+8 13:48, spot gold was quoted at $1,794.54 per ounce.