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February 22, 2023
After ending yesterday at $1,842.5, Gold ascended as high as $1,855 before meeting resistance. Undeterred, Gold posted a fresh rally late in the trading session targeting $1,844 per ounce.
United States FOMC Meeting Minutes is next.
This uncertain state for Gold is reflected by published market data as United States Existing Home Sales (Jan) came out at 4 million, while a consensus of analysts was expecting 4 million. United States 2-Year Note Auction released yesterday at 18:00 UTC with a figure of 4.673, while the previous figure was 4.139. United States Existing Home Sales released earlier showed a marked improvement to -0.7% from the preceding data of -2.2%, but fell short of the 2% figure forecast by a consensus of market analysts.
Gold made an initial breakout above its 5 day Simple Moving Average at $1,847.18, a potential indicator of a newly emerging bullish phase. In contrast, CME Gold is currently flirting with an active Fibonacci support level around $1,834.8.
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 Copper closed at $4.17 (down 1.42%). After ending yesterday's session at $21.89, Silver lost 22 cents and is trading around $21.67. After ending yesterday's session at $1,520.7, Palladium lost $20.2 and is trading around $1,500.5.
Furthermore, the market is looking at tomorrow at 16:00 UTC data for United States Crude Oil Inventories will be released, with an expected decline to 1.17 million from the preceding figure of 16.28 million. United States Initial Jobless Claims expected to decline to 200,000 while its preceding data was 194,000, data will be available tomorrow at 13:30 UTC. United States GDP figure is projected at 2.9. It previously stood at 2.9; data will be released tomorrow at 13:30 UTC.
CME Gold has recovered 13.5% since descending to a significant low of $1,623.3 around 4 months ago.
