During the Asia-Europe session on Monday (October 3), spot gold fluctuated and rose. It is currently trading around US$1,667 per ounce. The US dollar weakened slightly, supporting the price of gold. Last week, Russia announced that Russia officially annexed four regions of Ukraine, and Ukraine applied to join NATO. And regained the eastern town of Liman, the United States imposed new sanctions on Russia, the European energy crisis continued, and the US stock market fell sharply, which also provided safe-haven buying support for gold prices.
This trading day focuses on the US September ISM manufacturing PMI data, pays attention to the speeches of the Fed and Bank of England officials, and pays attention to the news related to the meeting of foreign ministers in the euro zone and the geopolitical situation. Keep an eye out for changes in market expectations for the RBA interest rate decision, the New Zealand Federal Reserve interest rate decision and the US non-farm payrolls report.
Day level:After a unilateral fall, it rebounded; MACD golden fork, KDJ golden fork, K line bottomed out relatively low, followed by the Yang line, suggesting that the gold price has bottomed out initially, and the short-term trend is inclined to continue the rebound. It is expected to test the September 21 high and The double resistance level near the low of 1688.71 on September 1; further strong resistance is near the 1700 integer mark. In the short term, the resistance of the high point on Friday and the 21-day moving average is near 1676.82.
The initial support below is near the 1660 mark, followed by the double support near the 5-day moving average and the 10-day moving average at 1655.32. Before falling below this position, the short-term bias is bullish; last Thursday’s low support was near 1641.35, if it unexpectedly falls below this position , weakening the short-term bullish signal.
resistance:1676.82；1688.71；1700.00；
support:1660.00；1655.32；1641.35；
Short-term operation suggestions:Do more cautiously on dips.