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May 27, 2023
During a 6 day fall, dropping a total of 1.74%, ($36.8), A possible reversal detected from yesterday; Gold ended Thursday at $1,943.7. yesterday it went up to $1,957 only to drop back, yet still managed to close at $1,946 per ounce.
This move comes while some more positive signs for Gold are out as data from United States concerning Core Durable Goods Orders was released yesterday at 12:30 UTC. Newly published figures emphasized continued decline from last month's figure of 0.3% to -0.2% this month.
Meanwhile, United States Core PCE Price Index (MoM) (Apr) released yesterday at 12:30 UTC with a figure of 0.4, while the previous figure was 0.3. United States CFTC Crude Oil speculative net positions released yesterday at 20:30 UTC with a figure of 193,100, while the previous figure was 191,500.
Technical analysis of Gold's past price action reveals multiple support and resistance levels: Gold could be slowing down soon as it approaches resistance at $1,957.4. Of course, crossing it might suggest further gains are ahead. With regards to technical trend indicators, chart analysis show that the Commodity Channel Index (CCI) indicator is below -100, meaning the market price is unusually low and below its rolling moving average. Technical analysis indicates that a new, strong downtrend could be forthcoming with short positions favored. Yesterday's price action generated a Japanese candlestick pattern showing 'Bullish Harami' is a candlestick chart indicator used for detecting reversals in an existing bear trend. It is generally indicated by a small price increase that's contained within a broader downward price movement and is commonly associated with a bearish trend coming to an end. Having stamped out a session range of $1,936 to $1,957, Fibonacci-inclined Gold traders were highly concentrated around active Fibonacci resistance at $1,946.27. Analysis based on the asset volatility indicates that CME Gold's lower Bollinger Band® is at $1,930.22, indicating that the market is oversold and fertile for new buyers.
Overall, the technical outlook suggests Gold is likely to remain muted for the immediate future, with no clear-cut direction.
A look at other Metals also shows upside as Copper is trading around $3.67 after ending yesterday's session at $3.59 (up 2.33% today). Silver is trading around $23.45 after ending yesterday's session at $22.91 (up 2.34% today).
Having set a significant high of $2,058.7 23 days ago, CME Gold is trading 5.59% lower.
