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June 03, 2023
A quick look at yesterday: after a mostly steady day, CME Gold lost $31.2 late into the session and closed at $1,964.3 per ounce.
United States Non Farm Payrolls beat the 180,000 projections, with 339,000.
Nonetheless, encouraging indicators for CME Gold published earlier when Average Hourly Earnings in United States fell short of market expectations (0.4%) with a reading of 0.3%, continuing the decline from the previous figure of 0.4%. Data from United States concerning Unemployment Rate was released yesterday at 12:30 UTC. Newly published figures emphasized continued decline from last month's figure of 3.4 to 3.7 this month.
Gold made an initial break below its 21 day Simple Moving Average at $1,987, a possible indication of a forthcoming negative trend. Having stamped out a session range of $1,963.7 to $2,000.5, Fibonacci-inclined CME Gold traders were highly concentrated around active Fibonacci support at $1,991.31. In contrast, Gold could begin to recover as it approaches significant support, now $11.53 away from $1,952.77. Dipping below could be an indication that further losses are ahead.
Several technical indicators are adding weight to the bearish momentum seen yesterday and forecasting Gold to extend its recent losses.
Gold's value drop coincided with the fact that Silver lost 1.22% yesterday and closed at $24.
Positive performances can be seen by looking at other Metals markets as Palladium is trading around $1,421 after ending yesterday's session at $1,390.7 (up 2.18% today). Copper added 0.59% and closed around $3.71 yesterday.
Approximately 30 days ago, CME Gold reached a significant high of $2,058.7 but has struggled to hold onto its gains and declined 3.07% since then.
