Gold prices retreated from record highs on Wednesday (October 23) as some investors took profits while assessing geopolitical risks from the US election and conflict in the Middle East. Meanwhile, a stronger dollar and rising bond yields are also putting pressure on gold.
Gold fell as much as 1.5% as some traders exited positions amid signs that the metal's recent run to highs may have been overdone. Gold's relative strength index has been above the overbought level of 70 for the past three sessions.
Spot gold fell 1.23% to $2,715.10 an ounce.
Operation suggestion: The gold daily line gives the lowest position of 2708.5 after the market, the daily line finally closed in the position of 2715.3 after the market with a long large Yin line closed line and such a form ends, the daily line Yin Bao Yang market has a profit-taking signal, the point.
Trading strategy: short near 2737, stop loss 2744, target 2715-2700.
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