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May 23, 2023The sentiment that generated $14.4 in cumulative gains over the past 5 days was further evident for CME Gold. Today's session so far looks to be heading in the same direction — after dipping down to $1,976.8, Gold regains earlier losses and goes up to $1,977.7 per ounce.
CME Gold is currently trading at $1,977.7 following the release of Fed Chair Powell speech data from the United States.
At the same time, United States New Home Sales (Apr) released today at 14:00 UTC with a figure of 683,000, while the previous figure was 656,000. United States Services PMI came out at 55.1, while a consensus of analysts was expecting 52.6. United States Building Permits came out at 1.15 million, while a consensus of analysts was expecting 1.42 million.
Gold made an initial breakout above its 5 day Simple Moving Average at $1,976, a potential indicator of a newly emerging bullish phase. Gold's lower Bollinger Band® is at $1,953.66, indicating that the market is oversold and fertile for new buyers. Despite this, CME Gold could be slowing down soon; it is getting close to the resistance line and is now at $1,986, only $8.23 away. Crossing the resistance line could, however, suggest that further gains are ahead.
Overall, looking at the technical analysis landscape, it seems CME Gold might continue pointing upwards in the short term.
While Gold is appreciating, other Metals are comparatively not doing so well — after ending today's session at $3.65, Copper lost 1.15 cents and is trading around $3.64.
Today's gains are adding to bullish investor sentiment as robust macro data is expected for release later today; United States Crude Oil Inventories projected to decline to -920,000 while previous data was 5 million; data will be released tomorrow at 14:30 UTC.
Also worthy of note, United States FOMC Meeting Minutes is expected tomorrow at 18:00 UTC.
Gold reached a significant high of $2,058.7 around 19 days ago but has lost 4.09% since then.
