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Limited seats, first come first served. Let us join together for the promise of sustainability! [Click to register] October 14: On the previous trading day, Tuesday (October 13): International gold prices surged then pulled back, closing lower with an inverted hammer candle. It initially strengthened on support from a weaker US dollar index and US Treasury yields, but then came under resistance pressure, as US and Israeli leaders were reported to be discussing a joint strike on Iran again, which strengthened oil prices. At the same time, US session data also came in bearish, and New York Fed President Williams said there could be one more rate hike this year, which pressured gold to retreat and turn negative. Still, it did not break below short-term moving average support and remained within the recent consolidation range, suggesting expectations for continued range-bound adjustment and a later rebound remain intact.
In terms of the specific price action, gold opened in the Asian session at $4,171.64 per ounce, first moved lower to around $4,150 and then rebounded, hitting an intraday high of $4,200.32 at midday around 13:00, where it met resistance and pulled back. The decline continued into the US market open, with bearish momentum increasing, and in the latter half of the US session it refreshed the Asian session low to a daily low of $4,147.05. It finally stabilized and rebounded somewhat, closing at $4,160.89, with a daily range of $53.27, down $10.75, or 0.26%. Spot silver ultimately closed down 1.88% at $59.16 per ounce.
Looking ahead to today, Wednesday (October 14): International gold opened slightly weaker, pressured by Tuesday's pullback, while the early-session stabilization in the US dollar index and US Treasury yields reduced support. In addition, crude oil has turned stronger again, and the Federal Reserve continues to signal one more rate hike this year, which will continue to weigh on gold bulls. Therefore, in the short term, gold prices remain in range-bound adjustment. Today brings the key US CPI data. Current market expectations are for both the annual and monthly rates to rise noticeably from the previous readings, which would strengthen expectations for further rate hikes and pressure gold. As a result, gold prices remain under pressure during the day and are likely to trade in a choppy manner. If tonight's data meets or exceeds expectations, gold could be pressured to retest the $4,100 mark; conversely, if it is weaker than expected, gold may continue to spike and pull back within the adjustment pattern, while awaiting another upward climb.
Technically, on the weekly chart, gold stopped falling and rebounded last week after touching support near the rising trend channel that began in 2024. Based on historical price action, there is an expectation that after continued adjustment above or within this support channel, gold may climb again. However, bearish pressure has not yet weakened. In the short term, bulls could look to this support for upside toward resistance around $4,300 or $4,400, with pullback risk, while medium- to long-term bulls could look within the channel support zone of $3,900-$3,700 for another rally to new highs. On the daily chart, gold closed lower again yesterday with a hanging line. Although pressure remains, it also suggests that pressure is gradually being absorbed, and the trend is still within a consolidation range. At the same time, secondary indicators continue to show bullish signals, suggesting the market will remain range-bound and rebound upward after adjustment. On the downside, short-term moving average support and rising trendline support can be watched for bullish rebounds, while waiting for another test of target resistance such as the 100-day moving average. Below are preliminary intraday long and short reference levels; actual entry and exit points are subject to real-time account notifications: Gold: watch support near $4,140 or $4,115; watch resistance near $4,190 or $4,210; Silver: watch support near $58.55 or $57.90; watch resistance near $59.70 or $60.30; Sina partner large-platform futures account opening, safe, fast and secure. Sina statement: This news is reprinted from a Sina partner media outlet. Sina publishes this article for the purpose of conveying more information and does not mean it agrees with its views or confirms its description. The article content is for reference only and does not constitute investment advice. Investors operate at their own risk.
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