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May 02, 2023Without a clear-cut direction, Gold is trading around $1,994.3 per ounce and ranging between $1,987 and $1,995.2.
United States JOLTs Job Openings (Mar) is next today at 14:00 UTC.
CME Gold's state is reflected by market data as United States ISM Manufacturing PMI (Apr) released yesterday at 14:00 UTC with a figure of 47.1, while the previous figure was 46.3. United States ISM Manufacturing Prices (Apr) came out at 53.2, while a consensus of analysts was expecting 49. United States ISM Manufacturing Employment (Apr) came out at 50.2.
Gold's upper Bollinger Band® is at $2,038 and the lower is $1,978. Gold is climbing away and is now $15.43 from the $1,979 support line.
Despite muted price action in Gold, chart analysis indicates it is positioned for a bullish run in the short term.
Meanwhile, mixed performances are seen in other Metals as Silver is trading around $24.94 (down 29 cents). After ending yesterday's session at $3.93, Copper lost 2.4 cents and is trading around $3.91. Platinum is down to $1,060.3, losing $4.4, after closing at $1,064.7 in the preceding trading session.
Data to be released later is expected to clarify investor sentiment while boosting price action volatility as United States Crude Oil Inventories is projected to outperform its last figure with -1,000,000. It previously stood at -5 million; data will be released tomorrow at 14:30 UTC. United States Interest Rate figure is projected at 5.25. It previously stood at five; data will be released tomorrow at 18:00 UTC. United States ADP Nonfarm Employment Change (Apr) will be released tomorrow at 12:15 UTC.
CME Gold is now trading 3.06% below the significant high of $2,055 it set around 19 days ago.
