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May 16, 2023
CME Gold is on a 6 day downtrend Today is looking a bit better: although Gold ended today strong and rose from $1,993 to $1,993.2, it dropped back today and is now priced at $1,992.5 per ounce.
CME Gold's state is reflected by market data as United States Retail Sales released earlier showed a marked improvement to 0.4% from the preceding data of -0.7%, but fell short of the 0.8% figure forecast by a consensus of market analysts. New Core Retail Sales data from United States matched market expectations with a reading of 0.4% — a positive step in contrast to previous data of -0.5% from last month. United States API Weekly Crude Oil Stock released today at 20:30 UTC with a figure of 3.69 million, while the previous figure was 3.62 million.
Gold made an initial break below its 21 day Simple Moving Average at $2,015.7, a possible indication of a forthcoming negative trend. In contrast, CME Gold is approaching key support, around $20.07 away from $2,012.57. Dipping below could indicate further losses are ahead while a failure to break below this level is likely to be seen positively by market bulls. Gold's upper Bollinger Band® is at $2,055 and the lower is $1,978.67.
According to technical indicators, Gold is positioned for a downward move in the short term.
Data to be released later is expected to clarify investor sentiment while boosting price action volatility as United States Crude Oil Inventories projected to decline to -1.3 million while previous data was 2.95 million; data will be released tomorrow at 14:30 UTC. United States Building Permits (Apr) will be released tomorrow at 12:30 UTC.
Having soared to a high of $2,058.7 approximately 12 days ago, CME Gold is now trading 3.19% lower.
