An individual, after undergoing varying degrees of exercise, acquires varying degrees of cultivation and benefits. In this market, many friends have longed for a daily sunrise-like ascent; the market's fluctuations are inherently an exciting occurrence. The real horror is not taking the wrong path, but the fear of embarking on any journey at all. The real horror is not failure, but self-abandonment. Some market trends are inherently uncontrollable, so one must control oneself instead. If the market makes you angry, it indicates that you do not yet have the confidence to overcome it.
On Thursday (October 17th), in the Asian morning session, spot gold fluctuated at high levels, currently trading near $2,676.93 per ounce. Gold prices rose towards record highs on Wednesday, with the highest intraday touch reaching $2,685.15 per ounce. The softening of U.S. Treasury yields and expectations of rate cuts from major central banks supported the rise of non-yielding gold, and ongoing geopolitical conflicts provided additional safe-haven support.
Data released by the UK's Office for National Statistics on Wednesday showed that the UK's inflation rate last month fell more than expected, with the key inflation rate indicator that the Bank of England focuses on also falling more than expected. This strengthened market bets on a rate cut in the UK next month. The Office for National Statistics announced that the Consumer Price Index (CPI) rose from 2.2% in August to 1.7% in September year-on-year, hitting a new low since April 2021. Economists had originally forecast a September inflation rate of 1.9%. The core inflation rate, excluding energy, food, and tobacco and alcohol, fell from 3.6% in August to 3.2%.
Advertisement
U.S. import prices in September recorded the largest decline in nine months due to a significant drop in the cost of energy products, indicating a favorable inflation outlook and suggesting that the Federal Reserve will continue to cut interest rates. A report released by the Department of Labor on Wednesday also showed that import prices, excluding fuel, have remained essentially flat over the past three months. Data released last week showed that consumer prices only rose slightly in September. Although producer prices were flat in September, some components performed strongly, suggesting that this means the key inflation indicator tracked by the Federal Reserve, the Personal Consumption Expenditures (PCE) price index, will rise on a month-over-month basis.
10.17 Gold Market Analysis:
Gold opened near 2662 yesterday, experienced a minor decline in the Asian session to test the daily low support level at 2658, then began to rebound and rise. The European session continued to rise, and after the U.S. session opened, it refreshed the daily high to 2685 before closing with high-level fluctuations, with a small positive trend on the daily line. On the daily view, the Bollinger Bands are running with a converging mouth, the K-line is testing the upper rail pressure, the MA5 and MA10 moving averages are beginning to diverge upwards from the middle rail position, the MACD energy column is in a volume-increasing trend, and the KDJ indicator is in a golden cross. On the daily large cycle, the strong pattern remains unchanged. Today, the main focus is on long positions at the support level after a pullback, with gold continuing to see a wave of upward movement, and low-long operations are advised, continuing to look for a violent upward push. On the short cycle, the Bollinger Bands are running horizontally, the K-line is fluctuating near the middle rail, the MA5 and MA10 moving averages are currently starting to run horizontally near the middle rail, the MACD energy column shows a trend of reduction, and the KDJ indicator is in a golden cross. On the short cycle, the trend is a bottoming and rebounding pattern, with strong support below, continuing to look for upward movements by going long at lower levels.
10.17 Gold Trading Suggestions:
1. Long positions near 2668/2670, with a stop loss of 6.5 dollars, targeting 2683—2702—2724.2. At any moment, test the 2650/2652 area for a long position, with a stop loss of $6.5, aiming for 2663-2678;
3. Near 2720/2723, go short, with a stop loss of $6.5, aiming for 2712-2700;
10.17 Silver Market Analysis:
Silver opened near 31.48 yesterday, which was essentially the low support level for the day. There was a continuous rebound and slow upward trend during the Asian and European sessions, which continued to rise after the US session opened, reaching a new high for the day at the pressure level of 32.17. It then retreated after the surge, and the daily chart closed with a small bullish trend. On the daily chart, the Bollinger Bands are running flat, with the K-line above the middle rail, and the MA5 and MA10 moving averages turning upwards at the middle rail. The MACD energy column is in a state of volume expansion, and the KDJ indicator shows a death cross. On a larger time frame, the outlook is still for a rebound and rise, and we continue to look for an upward trend today, focusing on long positions. On a shorter time frame, the Bollinger Bands are flat, with the K-line oscillating between the upper and lower rails, and the MA5 and MA10 moving averages are flat near the middle rail. The MACD energy column is gradually decreasing, and the KDJ indicator shows a golden cross. On a shorter time frame, the outlook for today is still bullish, focusing on long positions and continuing the oscillating upward trend.
10.17 Silver Trading Suggestions:
1. Near 31.44/31.58, go long, with a stop loss at 31.23, aiming for 32-32.63;
2. At any time, test the 30.85/31 area for a long position, with a stop loss at 30.63, aiming for 31.58-32;
3. Near 32.73/32.85, go short, with a stop loss at 33, aiming for 32.32-32.4. Should the market conditions change, further advice will be provided; please stay tuned.
10.17 Crude Oil Market Analysis:
Crude oil opened near 71 yesterday. During the Asian session, it experienced a consolidating trend. In the European session, it rebounded to a new high of the day at 71.3 before starting to decline. After the US session opened, it slightly rebounded and then fell, reaching a new low of the day at 69.6, a strong support level, before closing with a minor rebound. The daily chart shows a small bearish candle with a long lower shadow. On the daily chart, the Bollinger Bands are trending towards flattening, with the K-line repeatedly testing the lower support levels and rebounding. The MA5 and MA10 moving averages are turning downwards from high levels. The MACD energy column is gradually diminishing, and the KDJ indicator is in a golden cross. On the larger time frame of the daily chart, we see a bottoming and recovery trend. Today, we expect a strong support level with a bullish view for a rise. Overall, we anticipate a bottoming and recovery. On a shorter time frame, the Bollinger Bands are flat, with the K-line oscillating between the upper and lower rails. The MA5 and MA10 moving averages are currently flat near the middle rail. The MACD energy column is in a state of volume expansion, and the KDJ indicator is in a golden cross. On the shorter time frame, we expect an upward trend today, focusing on low buy operations.
10.17 Crude Oil Trading Suggestions:
1. Long position near 70/70.2, stop loss at 69, target 71.6–73.5;
2. Long position at any time near 67.8/68, stop loss at 67, target 69.8–72;
3. Short position near 74.5/74.7, stop loss at 75.5, target 73.5–72;
4. Should the market conditions change, further advice will be provided; please stay tuned.(The above article is originally created by Xiaobing Wealth Management. Please indicate the source when reposting. Xiaobing Wealth Management would like to remind you that investing carries risks and you should be cautious when entering the market. The above only represents the personal views of Xiaobing Wealth Management and should not be used as a basis for operations. Any risks arising from such operations shall be borne by the individual.)
Leave a Reply