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June 14, 2023
While in the midst of a 5 day downtrend, Today's positive session could indicate a brief correction amid a broader downtrend, or, the start of a potential reversal. After closing the previous trading day at $1,958.6, CME Gold is up to $1,962.3 per ounce, which makes for a move of 0.19%/$3.7 today.
United States Producer Price Index data will be released today at 12:30 UTC, with an expected decline to -0.1%.
At the same time, United States Consumer Price Index released yesterday at 12:30 UTC with a figure of 0.1%, while the previous figure was 0.4%. United States Consumer Price Index came out at 4%, while a consensus of analysts was expecting 4.1%. United States Core Consumer Prices released yesterday at 12:30 UTC with a figure of 0.4%, while the previous figure was 0.4%.
Gold's lower Bollinger Band® is at $1,943, indicating that the market is oversold and fertile for new buyers.
Examining the technical analysis landscape, Gold might continue its downtrend in the short term.
Moreover, macro data could boost sentiment further as projections for United States Producer Price Index are set for a continuation of decline with -0.1% while previous data was 0.2%; data will be released today at 12:30 UTC. United States Retail Sales projected to decline to -0.1% while previous data was 0.4%; data will be released tomorrow at 12:30 UTC.
Furthermore, the market is looking at United States Crude Oil Inventories is projected to outperform its last figure with 1.48 million. It previously stood at -451,000; data will be released today at 14:30 UTC.
Having set a significant high of $2,058.7 a month ago, Gold is trading 4.86% lower.
