| 
April 25, 2023CME Gold is rallying again to $2,000.4 per ounce (up 60 cents), after erasing earlier gains.
- United States Building Permits is next today at 13:30 UTC.
- While mostly sideways today, CME Gold is on a 10 day bearish trend during which it lost $55.3.
Here is the technical analysis of Gold before macro data is released:
Gold is approaching key support, around $11.63 away from $1,988.77. Dipping below could indicate further losses are ahead while a failure to break below this level is likely to be seen positively by market bulls. Gold made an initial breakout above its 21 day Simple Moving Average at $2,006.53, a potential indicator of a newly emerging bullish phase. Gold's upper Bollinger Band® is at $2,047.35 and the lower is $1,979.68.
Despite muted price action in CME Gold, chart analysis indicates it is positioned for a bullish run in the short term.
Coming up for Gold — as things stand, upcoming United States Core Durable Goods Orders data is projected to fall short of market expectations with newly published data of -0.2%, following on from the preceding figure of -0.1%. New data is set to be published tomorrow at 12:30 UTC. United States Crude Oil Inventories is projected to outperform its last figure with -1.67 million. It previously stood at -4.58 million; data will be released tomorrow at 14:30 UTC.
As the markets get ready for more data to be released — Copper is trading around $3.89 (down 6.5 cents). After ending yesterday's session at $1,534.4, Palladium lost $25.9 and is trading around $1,508.5. Silver slips 0.79% to trade around $25.11.
CME Gold has fallen back around 2.69% from the significant high of $2,055 set 12 days ago.
