| 
April 21, 2023Gold is sharply lower after losing $25.5, declining as low as $1,993.5 per ounce.
Gold is currently trading at $1,993.5 following the release of Services PMI data from the United States.
Amid the market gloom, United States Services PMI came out at 53.7, while a consensus of analysts was expecting 51.5. United States Existing Home Sales (Mar) released yesterday at 14:00 UTC with a figure of 4.44 million, while the previous figure was 4.55 million. United States Philadelphia Fed Manufacturing Index (Apr) released yesterday at 12:30 UTC with a figure of -31.3, while the previous figure was -23.2.
Gold made an initial break below its 21 day Simple Moving Average at $1,996, a possible indication of a forthcoming negative trend. In contrast, CME Gold could begin to recover as it approaches significant support, now $11.23 away from $2,004.73. Dipping below could be an indication that further losses are ahead. 'Bullish Harami' is a candlestick chart indicator used for detecting reversals in an existing bear trend. It is generally indicated by a small price increase that's contained within a broader downward price movement and is commonly associated with a bearish trend coming to an end.
In the short term, CME Gold is expected to maintain its recent downtrend and continue spiralling lower.
Taking a look at other Metals commodities, negative performances are evident as Copper is trading around $4 (down 2.55 cents). Silver is down to $25.14, losing 22.8 cents, after closing at $25.37 in the preceding trading session.
Though Gold has been dropping, other Metals have been performing better: Platinum is up 3%.
CME Gold is now trading 1.75% below the significant high of $2,055 it set around 8 days ago.
