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May 13, 2023Yesterday at a glance: CME Gold dipped as low as $2,005.7 before recovering some lost ground. However, the rebound failed to push the stock to where it started the session ($2,020.5) with CME Gold closing the day at $2,015.6 per ounce.
Amid the market gloom, United States CFTC Crude Oil speculative net positions released yesterday at 20:30 UTC with a figure of 216,600, while the previous figure was 214,800. Fresh CFTC Gold speculative net positions data from United States came out at 195,800. United States CFTC Nasdaq 100 speculative net positions came out at 21,400.
Gold made an initial break below its 21 day Simple Moving Average at $2,015, a possible indication of a forthcoming negative trend. In contrast, CME Gold could begin to recover as it approaches significant support, now $10.33 away from $2,005.27. Dipping below could be an indication that further losses are ahead.
Looking forward, Gold is poised to extend its strong downtrend and continue declining.
CME Gold's value drop coincided with the fact that after ending yesterday's session at $1,105, Platinum lost $47 and is trading around $1,058. Palladium slips 3.25% yesterday and closed at $1,554. Silver lost 1.2% yesterday and closed at $24.42.
9 days ago CME Gold reached a significant high of $2,058.7 but has consequently lost 1.86% since then.
