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April 18, 2023
Gold has been losing ground for 4 days 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 $2,007, Gold is up to $2,015.5 per ounce, which makes for a move of 0.42%/$8.5 today.
United States Building Permits (Mar) is next today at 12:30 UTC.
At the same time, United States TIC Net Long-Term Transactions (Feb) came out at 71 billion, while a consensus of analysts was expecting 101.9 billion. United States NY Empire State Manufacturing Index (Apr) released yesterday at 12:30 UTC with a figure of 10.8, while the previous figure was -24.6.
This rally in Gold's price coincides with other Metals as Palladium is up 3.88%. Platinum gained 0.87% and is currently trading at $1,068.8.
Moreover, macro data could boost sentiment further as tomorrow at 14:30 UTC data for United States Crude Oil Inventories will be released, with an expected decline to -2.46 million from the preceding figure of 597,000.
Furthermore, the market is looking at United States Building Permits (Mar) is scheduled for today at 12:30 UTC.
Approximately 5 days ago, Gold reached a significant high of $2,055 but has struggled to hold onto its gains and declined 2.34% since then.
