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May 20, 2023
Yesterday at a glance: with a daily low of $1,956.3, CME Gold closed yesterday at $1,980 per ounce, after ending Thursday at $1,959.8 and gaining $20.2 (1.03%).
At the same time, United States CFTC Crude Oil speculative net positions released yesterday at 20:30 UTC with a figure of 191,500, while the previous figure was 216,600. United States CFTC Gold speculative net positions released yesterday at 20:30 UTC with a figure of 179,800, while the previous figure was 195,800. Fresh CFTC Nasdaq 100 speculative net positions data from United States came out at 20,000.
Gold made an initial breakout above its 3 day Simple Moving Average at $1,979.83, a potential indicator of a newly emerging bullish phase. Gold's lower Bollinger Band® is at $1,961.81, indicating that the market is oversold and fertile for new buyers. In contrast, Gold could be slowing down soon as it approaches resistance at $1,992.17. Of course, crossing it might suggest further gains are ahead.
Overall, looking at the technical analysis landscape, it seems Gold likely to continue pointing upward in the short term.
This rally in CME Gold's price coincides with other Metals as Palladium jumps 4.16% yesterday and closed at $1,450.2. Silver is trading around $24 after ending yesterday's session at $23.63 (up 1.64% today). Platinum is trading around $1,071.7 after ending yesterday's session at $1,058.2 (up 1.28% today).
CME Gold reached a significant high of $2,058.7 around 16 days ago but has lost 4.8% since then.
