| 
June 10, 2023Though in the midst of a 3 day uptrend, gaining a total of 1%, ($22.8), The prevailing bullish trend is beginning to fade following yesterday's downbeat session. Slightly down but mostly flat: CME Gold ranged between $1,971 and $1,987.8 before closing at $1,975.7 per ounce.
Meanwhile, United States CFTC Crude Oil speculative net positions released yesterday at 20:30 UTC with a figure of 172,400, while the previous figure was 162,600. Fresh CFTC Gold speculative net positions data from United States came out at 175,600. United States CFTC Nasdaq 100 speculative net positions came out at 8,800.
Gold made an initial break below its 10 day Simple Moving Average at $1,974, a possible indication of a forthcoming negative trend. A Bearish Harami chart pattern, which is a means of predicting reversals in bull markets. When a Bearish Harami is detected at the top of a prevailing uptrend, it is typically considered a bearish signal and a prelude to a potential trend reversal. Gold's upper Bollinger Band® is at $1,996 which indicates a further downward move may follow. In contrast, CME Gold could begin to recover as it approaches significant support, now $7.63 away from $1,968. Dipping below could be an indication that further losses are ahead.
Following today's unexpected losses, extensive multifactorial technical analysis forecasts Gold to buck against its prevailing uptrend and begin to dip lower in the short term. With all probabilities considered, the Gold is expected to attract significant bearish sentiment in the coming days.
CME Gold's value drop coincided with the fact that after ending yesterday's session at $1,358.3, Palladium lost $42.3 and is trading around $1,316. Copper is down to $3.77, losing 2.4 cents, after ending the previous session around $3.79.
A month ago Gold reached a significant high of $2,058.7 but has consequently lost 3.89% since then.
