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February 26, 2023
A quick look at Friday: down on the day: CME Gold closed at $1,818 per ounce after ranging between $1,815.5 and $1,835.
Technical analysis shows that Gold could begin to recover as it approaches significant support, now $7.37 away from $1,810.63. Dipping below could be an indication that further losses are ahead. Concerning technical analysis and more specifically, trend indicators, the Commodity Channel Index (CCI) indicator is below -100, meaning the market price is unusually low and below its rolling moving average. Technical analysis indicates that a new, strong downtrend could be forthcoming with short positions favored. Analysis based on the asset volatility indicates that Bollinger Bands® shows an indication of recovery: the lower band is at $1,810.51, a low enough level to, generally, suggest that CME Gold is trading below its fair value.
All in all, the technical analysis suggests CME Gold has no clear-cut direction.
Gold's value drop coincided with the fact that Platinum is down to $909.4, losing $36.1, after ending the previous session around $945.5. Silver lost 2.65% Friday and closed at $21.44. After ending Friday's session at $4.06, Copper lost 9.6 cents and is trading around $3.96.
With markets struggling for positive sentiment, upcoming macro data could potentially attract buyers in the market as United States Core Durable Goods Orders is projected to outperform its last figure with 0.1%. It previously stood at -0.2%; data will be released tomorrow at 13:30 UTC.
Some optimism can drawn from the fact that tomorrow at 15:00 UTC data for United States Pending Home Sales will be released, with an expected decline to 1% from the preceding figure of 2.5%.
Gold is now trading 12.54% above the significant low ($1,623.3) it slumped to 5 months ago.
