COMEX Gold Technology Analysis
On Wednesday (December 4th), during the closing session of the Asian session, COMEX gold trading was around $2670, with relatively light fundamentals. The US employment data was relatively stable, and the market was waiting for the direction of the US non farm payroll data to land.
According to CME's "Federal Reserve Watch", the probability of the Federal Reserve keeping current interest rates unchanged until December is 29.7%, and the probability of a cumulative 25 basis point rate cut is 70.3%. From the expectation of interest rate cuts, it is also unfavorable for gold to strengthen, and the main trend for the day is to maintain high selling and low buying.
Technically speaking, the volatility of the gold daily chart has narrowed, while the price remains under the pressure of the moving average. If it fails to break through $2680 in the short term, the convergence structure remains unchanged.
If the support below 2640 US dollars falls, it will accelerate the downward trend. We will continue to monitor whether the KDJ indicator will turn downwards again, leading to a second downward trend for gold.
COMEX Gold Daily Chart
At the 4-hour level, KDJ is within the oscillation range, while RSI is consolidating near the central axis, with a higher probability of short-term oscillation. Waiting for direction selection, the upper pressure is around $2680, and the lower support is around $2650.
COMEX Gold 4-hour chart
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