COMEX Gold Trading Technical Analysis on November 22nd
At the end of the Asian session on Friday (November 22), COMEX gold was traded near $2688, and the risk aversion caused by the Russia-Ukraine conflict continued to heat up on the basic.
Even though the US dollar index has reached a new high, it has not caused gold to decline, mainly due to the need for correction at the daily level and the support of safe haven sentiment, which has kept gold running long.
From a medium-term perspective, the decline in initial jobless claims in the United States and the lower expectation of the Federal Reserve's December interest rate cut are factors that are unfavorable for the mid-term rise of gold. Therefore, the direction to choose in the short term is to wait for the cooling of risk aversion.
It is worth noting that the COMEX gold weekly chart has already swallowed up last week's decline, and against the backdrop of a significant increase in volatility, it is expected to test the pressure near the previous high again, and continue to focus on fundamental changes.
From a technical perspective, the downward channel pressure of the daily gold line level is around $2750, and the current price is around the moving average pressure, but the bullish power has not weakened, waiting for a retracement and mainly buying at a low level.
If the weekly chart is swallowed up at the close, it is expected to accelerate its rise, and if the daily chart level cannot break through $2650, the bullish rebound will continue.
COMEX Gold Daily Chart
At the 4-hour level, in the short term, it has already broken through the pressure of the left horizontal position, and structurally it is expected to continue to strengthen. If it cannot break through the vicinity of $2665 within the day, the breakthrough is effective.
The pressure above is around $2720, maintaining a long position in the short term.
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