10.10 Analysis of short-term gold operations

In the early Asian session on Wednesday (October 9), spot gold fluctuated in a narrow range and is currently trading at $2,610.88 per ounce. Gold prices fell more than 1% during Tuesday's session, hitting a low of $2,604.68 per ounce, the lowest since September 20, and closed at $2,621.76 per ounce. Recent US employment data hit expectations of a larger rate cut, and as Hezbollah supported efforts to reach a ceasefire, market concerns about a possible all-out war in the Middle East cooled, also weakening gold's safe-haven buying.

Technical Analysis

Daily Chart

On the daily chart, gold prices are close to the trend line, and buyers are expected to intervene at this point, setting a risk range below the trend line, ready to push gold prices up and set new highs. Sellers hope to see gold prices break below the trend line to increase bearish bets and fall to new lows.



4-hour chart

On the 4-hour chart, gold prices fell below the recent low yesterday, then pulled back and continued to fall. Buyers want to see gold prices rise back above $2,625 to prepare to push prices higher and set new highs, while sellers may continue to target the trendline for now.

1-hour chart


On the 1-hour chart, the lower limit of today's daily range is near the trendline. If gold prices fall to the trendline today, the trendline should limit the decline. Tomorrow's US CPI report may determine whether gold prices continue to rise or fall further

The US CPI report and US unemployment claims data will be released. On Friday, the US Producer Price Index (PPI) and the University of Michigan Consumer Confidence Index report will be released.
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