October 13: In the previous trading day, Monday (October 12), international gold prices rebounded but faced resistance and closed lower. The attack on Saudi Arabia overshadowed the prospect of increased oil supply and the energy ceasefire announced by Trump, causing oil prices to bottom out and strengthen, which raised inflation and interest rate hike expectations. This strengthened the dollar and pressured gold prices, preventing them from holding above $4,200, leading to a pullback. However, gold remains above its upward trendline, suggesting the market will continue to maintain a range-bound, bottoming-out consolidation pattern with a bias toward a rebound in the future.
In terms of specific price action, gold opened at $4,193.69 per ounce in the Asian session, first strengthening to hit an intraday high of $4,216.99 at 9:00 AM, then faced resistance and fell continuously, recording an intraday low of $4,154.38 at the U.S. market open. It then stabilized and rebounded, ultimately closing at $4,171.48, with a daily range of $62.61, down $22.21 or 0.53%.
Looking ahead to today, Tuesday (October 13), international gold opened with a slightly weak bias, pressured by the short-term strengthening of the dollar index and crude oil trends. Overall, both are expected to maintain bullish momentum or rebound to highs in the near term, which will weigh on gold prices. Therefore, gold is expected to continue with range-bound consolidation going forward. During the day, attention can be paid to the U.S. September NFIB Small Business Confidence Index, the U.S. ADP employment weekly change for the week ending September 26, and U.S. September existing home sales annualized data. Market expectations overall lean toward being bullish for gold, and combined with yesterday's U.S. session performance, intraday operations can focus on pullback support for bullish rebounds.
Technically, on the weekly chart, gold prices stabilized and rebounded last week near the support of the upward trend channel that began in 2024. Based on historical price action, there is an expectation of continued consolidation above this support. However, bearish pressure has not yet diminished. Short-term bulls can look to this support area for upside toward the $4,300 or $4,400 resistance levels with pullback risk, while medium-to-long-term bulls can look to the $3,900-$3,700 range within the channel support to position for new highs.
On the daily chart, gold rebounded yesterday but faced resistance at the Bollinger Band middle line and closed lower, with bearish momentum increasing. However, it remains above the upward trendline, and secondary indicators still maintain some bullish signals. Short-term price action is expected to remain range-bound, with opportunities for both long and short trades. Below are preliminary intraday support and resistance levels for reference, with specific entry and exit points subject to real-time notifications:
Gold: Watch support near $4,150 or $4,115; watch resistance near $4,195 or $4,210.
Silver: Watch support near $59.45 or $59.00; watch resistance near $60.55 or $61.35.