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April 14, 2023
After a mostly steady day, CME Gold loses $35.5 late into the session, trading at $2,019.8 per ounce.
United States's Retail Sales new data released of -1% below its previous figure.
In contrast, positive data for Gold reported earlier when Core Retail Sales in United States fell short of market expectations (-0.3%) with a reading of -0.8%, continuing the decline from the previous figure of 0%. Highly important Retail Sales data from United States beat analyst expectations of -0.4% with a reading of -1%. Following a previous reading of 0%, Producer Price Index in United States released yesterday at 12:30 UTC fell short of the 0.1% figure expected by analysts with an actual reading of -0.5%.
Gold made an initial break below its 10 day Simple Moving Average at $2,020.39, a possible indication of a forthcoming negative trend. Price action remains constrained around the key Fibonacci level of $2,039.4 currently serving as support. If price action breaks below, the next Fib hurdle is $1,952.8. Despite this, after reaching the $2,034.47 support zone, CME Gold bounced and climbed $14.67 above it.
Overall, looking at the technical analysis landscape, it seems CME Gold is likely to continue pointing down in the short term.
Taking a look at other Metals commodities, negative performances are evident as Silver is trading around $25.5 (down 42.5 cents). Platinum is down $8.1 from the beginning of the session and now trades around $1,057.4.
The commodity has been trending positively for about a month. This year has been a bright one for CME Gold after trading as low as $1,623.3 and going on to appreciate by 12.93% year to date.
