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April 04, 2023
While Gold is on a 9 day uptrend Now turning against its recent performance, CME Gold is down to $1,996.5 per ounce, after ending yesterday at $2,000.4. Overall, a 0.19% loss or $3.9 today.
While price action maintains a negative bias, United States ISM Manufacturing PMI (Mar) released yesterday at 14:00 UTC with a figure of 46.3, while the previous figure was 47.7. United States ISM Manufacturing Employment (Mar) came out at 46.9, while a consensus of analysts was expecting 50. United States ISM Manufacturing Prices (Mar) came out at 49.2.
Trend-focused traders would be interested to note that investors are seeking long positions as Gold price action surged above +100 — a key CCI threshold indicating an imminent bullish trend. According to momentum evaluation, the Relative Strength Index indicates CME Gold is in an overbought condition. Asset volatility analysis shows that CME Gold's upper Bollinger Band® is at $2,013.27 which indicates a further downward move may follow.
Notwithstanding Gold's appreciation in recent days, the technical outlook suggests its bullish run is now fading.
Looking ahead, ongoing depreciation may be prolonged as United States Crude Oil Inventories is projected to outperform its last figure with -1.8 million. It previously stood at -7.49 million; data will be released tomorrow at 14:30 UTC.
Furthermore, United States ADP Nonfarm Employment Change (Mar) is expected tomorrow at 12:15 UTC. United States JOLTs Job Openings (Feb) will be released today at 14:00 UTC.
Gold hit a significant low of $1,623.3 around 6 months ago, but has since recovered 23.23%.
