Stay calm in the face of market fluctuations, watching the flowers bloom and fall in the courtyard without surprise; be indifferent to bullish or bearish sentiments, gazing at the clouds as they roll and relax in the sky. When facing market trends, one should not cry out in pain at the sight of blood, turn on the light out of fear of the dark, or be impatient with volatility! Control your emotions well, and trading will be peaceful everywhere! Technology is the foundation of survival, it is better to teach someone to fish than to give them a fish!
On Friday (October 18th), in the Asian morning session, spot gold was fluctuating in a narrow range at high levels, currently trading near $2694.31 per ounce. The gold price hit a historical high of $2696.63 per ounce on Thursday, closing at $2692.75 per ounce. This was due to the uncertainty surrounding the Middle East war, which prompted investors to seek safe-haven assets, and the loose monetary policy environment that kept gold prices high.
Earlier in the US session, after data showed that US retail sales in September increased slightly more than expected, and the Labor Department reported an unexpected decrease in the number of unemployed people last week, gold prices fell from their record highs. The European Central Bank also cut interest rates for the third time this year, by 25 basis points. Although this factor also helped the US dollar index to rise, the rate cut reduces the opportunity cost of holding gold, so gold prices and the US dollar index both rose on Thursday. However, it should be noted that the yield on US 10-year Treasury bonds also regained momentum after holding above the 4% mark, which may make gold bulls cautious. Before breaking through the 2700 mark, there is still a need to be vigilant about the possibility of short-term profit-taking.
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Israel said on Thursday that it had killed Hamas leader Yahya Sinwar in Gaza. He was the mastermind behind the attack on October 7, 2023, which triggered the Gaza war. Sinwar's death marks a significant success for Israel and is a key event in the year-long conflict. Western leaders said his death provides an opportunity to end the war, but Israeli Prime Minister Netanyahu said the war would continue.
Gold Market Analysis for October 18th:
Gold opened near 2673 yesterday, basically near the daily low support level. It had a small rise in the Asian session, maintained a high-level consolidation trend in the European session, and after the US session data was bearish, it returned to the strong support level of the daily low and then began to rebound and rise. The closing price was at a new high of 2697, a strong pressure level for the day, and then it closed with high-level consolidation, with a small positive trend on the daily line. On the daily line, the Bollinger Bands show a trend of opening upwards, with the K-line running above the upper track, and the MA5 and MA10 moving averages turning upwards from the middle track. The MACD energy column is running with volume, and the KDJ indicator is in a golden cross. On the daily large cycle, we continue to look for an upward trend today, still focusing on the low side, and the daily line will continue to set new historical highs. The strong bull market pattern remains unchanged, and it is still advisable to go long on the low side. On the short cycle, the Bollinger Bands are opening upwards, the K-line is rebounding consecutively, and the MA5 and MA10 moving averages are temporarily running upwards. The MACD energy column is gradually decreasing, and the KDJ indicator is in a golden cross. On the short cycle, the strong pattern continues, and it is still advisable to focus on buying on the low side.
Gold Trading Suggestions for October 18th:
1. Buy near 2686/2688, with a stop loss of 6.5 dollars, and aim for 2698-2712-2730.2. At any moment, test 2662/2664 to go long, stop loss at $6.5, target to look up at 2676-2690;
3. Near 2740/2742 above, go short, stop loss at $6.5, target to look down at 2730-2714;
4. If the market changes, further advice will be given, please pay attention;
10.18 Silver Market Analysis:
Silver opened near 31.69 in the previous trading day, with a consolidating trend in both Asian and European sessions. After the US session opened, it directly rose to a new high of the day at the 32 level, then fell, refreshed a new low of the day near 31.3, and closed with a consolidating trend at the end of the day, with a doji pattern on the daily chart. On the daily chart, the Bollinger Bands are running flat, and the K-line is above the middle track. The MA5 and MA10 moving averages are currently starting to flatten near the middle track. The MACD energy column is gradually shrinking, and the KDJ indicator is in a golden cross. On a larger cycle, the daily chart still looks for a bottoming and rebounding trend, with heavy pressure above, but overall, it is still a low and more bullish trend looking for a rise. On a short cycle, the Bollinger Bands are flat, the K-line maintains a back-and-forth fluctuation between the upper and lower tracks, the MA5 and MA10 moving averages show signs of turning upward, the MACD energy column is in a state of volume operation, and the KDJ indicator is in a golden cross. On a short cycle, continue to look for a rebound and rise by going long at low levels.
10.18 Silver Trading Suggestions:
1. Near 31.44/31.58 below, go long, stop loss at 31.23, target to look up at 32-32.63;
2. At any time, test 30.85/31 near, go long, stop loss at 30.63, target to look up at 31.58-32;3. Short positions can be taken near 32.73/32.85, with a stop loss at 33, and targets to look down at 32.32-32;
4. If the market changes, further advice will be given, please pay attention;
10.18 Crude Oil Market Analysis:
Crude oil opened near 70.7 yesterday. After a small rise in the Asian session to the daily high pressure level of 71.1, it began to fall. The European session maintained a small range of fluctuating trends, and after the opening of the American session, it continued to fluctuate. At the end of the day, it refreshed the daily new low to 69.4 and then rebounded and rose. The daily line collected a long lower shadow of the cross star trend. On the daily line, the Bollinger Bands are flat, and the K line has been supported and rebounded continuously. The MA5 and MA10 moving averages have already turned down at high levels. The MACD energy column is gradually shrinking, and the KDJ indicator is a death cross. On the daily large cycle, today's trend is to look at the rise and fall, short positions at pressure levels, and continue to look at a wave of decline. On the short cycle, the Bollinger Bands have a trend of opening downward, the K line is running at the lower rail support level, the MA5 and MA10 moving averages are turning down at the middle rail position, the MACD energy column is gradually shrinking, and the KDJ indicator is a death cross. On the short cycle, today's trend is still to look at the rise and fall. Short positions at pressure levels can be taken, and the downward trend is expected to continue.
10.18 Crude Oil Trading Suggestions:
1. Test short positions near 71/71.2, with a stop loss at 72, and targets to look down at 69.7-68-66.6;
2. At any time, test short positions near 73/73.2, with a stop loss at 74, and targets to look down at 72-70;
3. Long positions near 66.5/66.7, with a stop loss at 65.5, and targets to look up at 68-69.6.4. In case of market changes, additional advice will be provided; please stay tuned.
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