COMEX Gold Technical Analysis for Trading Opportunities on November 14th
On Thursday (November 14th), COMEX gold traded around $2559.70 in the late Asian session, and the fundamentals were consistent with yesterday's year-on-year US CPI data and expectations
The overall CPI slightly accelerated to 2.6%, while the core CPI remained the same as last month at 3.3%. Traders' expectations for the Fed's December interest rate cut have increased, with the possibility of a rate cut rising from 60% to 75%
But even though the expectation of interest rate cuts has risen, it has not stopped the decline in gold prices, and the strength of the US dollar remains strong. Under the suction effect, gold is accelerating its decline,
At present, the daily line has broken through the support range continuously, maintaining short position treatment in the short term. In the day, we will focus on the number of Americans applying for unemployment benefits for the first time and the speech of Federal Reserve officials.
Technically speaking, the daily level of gold has fallen below the central axis of the downtrend channel. Currently, the lower edge of the channel is around $2450. If it rebounds again in the short term, it will not be able to stabilize at $2610,
It is difficult to end the bearish structure, and there is no reason to reverse the fundamentals. Therefore, waiting for short selling opportunities during the day is the main reason.
(COMEX Gold Daily Chart)
At the 4-hour level, KDJ is already oversold, but there is no sign of stabilization. The short-term volatility has increased significantly, and it is not advisable to chase after the rise and kill the fall,
After waiting for confirmation of a pullback around $2600, there is a short selling opportunity with support below around $2540.
(COMEX Golden 4-hour Chart)
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