XAUUSD: 10/12 Market Analysis and StrategyGold technical analysis
Daily resistance 2700, support below 2580
Four-hour resistance 2683-2700, support below 2643-37
Gold operation suggestions: In the Asian market on Tuesday, gold fluctuated in a narrow range, holding most of the overnight gains. Gold prices hit a two-week high of 2676 on Monday, climbing more than 1%, as the People's Bank of China resumed buying gold after a six-month hiatus, and expectations of a rate cut by the Federal Reserve next week also increased bullish sentiment, and the geopolitical situation also boosted safe-haven buying demand. China's resumption of purchases may support investor demand in the country. In 2023, China was the world's largest official buyer of gold, but the People's Bank of China suspended purchases for 18 consecutive months in May. Strong buying by central banks is also a major support for gold's record gains this year. Another factor to note is the outlook for monetary easing by global central banks. The US November NFIB Small Business Confidence Index will be watched today. The market expects it to be bearish for gold prices, but before the release of this week's heavyweight data such as CPI, any data will have limited impact, and continue to operate based on the current technical aspects.
From the current 4-hour trend analysis, we focus on the 2683-2700 line pressure on the top, and the 2654 line short-term support on the bottom. In terms of operation, we maintain the main tone of going long. At present, the 2637-2627 weekly and daily support levels have been supported. We continue to be bullish and are expected to reach the 2700 mark this week.
BUY:2660near
BUY:2654near
(Just go long on dips, not necessarily according to my points, as long as you do it above the daily and weekly support)
