GOLD (week of 06-10/03)

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Weekly Summary

Range-bound Gold shifts up $1,872.7 to close at $1,872.7 per ounce .

Gold rose $1,872.7 to close at $1,872.7 per ounce today which makes for a move of 0%. (Start trading Gold at FXTM today).

CME Gold upside coincides with further encouraging market factors as United States Unemployment Rate fell short of the 3.4 projections, with new data of 3.6. Data from United States concerning Initial Jobless Claims was released yesterday at 13:30 UTC. Newly published figures emphasized continued decline from last month's figure of 190,000 to 211,000 this month. United States Crude Oil Inventories fell short of the 395,000 projections, with new data of -1.69 million.

On the flip side, data from United States concerning Non Farm Payrolls was released today at 13:30 UTC. Newly published figures emphasized continued decline from last month's figure of 504,000 to 311,000 this month.

At the same time, United States JOLTs Job Openings (Jan) released Wednesday with a figure of 10.82 million, while the previous figure was 11.23 million.

Outlook for rest of the week: Today's gains have given market bulls further impetus to expect strong macro data going forward, such as United States Retail Sales expected to decline to -0.3% while its preceding data was 3%, data will be available Wednesday. Projections for United States Core Retail Sales are set for a continuation of decline with 0.2% while previous data was 2.3%; data will be released Wednesday. As things stand, upcoming United States Producer Price Index data is projected to fall short of market expectations with newly published data of 0.3%, following on from the preceding figure of 0.7%. New data is set to be published Wednesday.

Mar. 10, 2023

Metals traders focused on Gold as it powers 2.08% higher

(23:24) GMT

Today at a glance: CME Gold closed today at $1,872.7 per ounce (with a daily low of $1,830) after ending yesterday at $1,834.6 and gaining 2.08%.

CME Gold upside coincides with further encouraging market factors as highly important Unemployment Rate data from United States beat analyst expectations of 3.4 with a reading of 3.6. United States Initial Jobless Claims fell short of the 195,000 projections, with new data of 211,000.

Nevertheless, data for United States Non Farm Payrolls released today at 13:30 UTC is better than expected with 311,000, but worse than previous figure of 504,000.

Gold made an initial breakout above its 50 day Simple Moving Average at $1,872.39, a potential indicator of a newly emerging bullish phase. Crossed the $1,860 Fibonacci level, next level is at $1,875.44. In contrast, Bollinger Band® analysis indicates that current price action is approaching the upper band at $1,877.8, thereby suggesting that CME Gold is becoming overvalued. CME Gold could be slowing down soon; it is getting close to the resistance line and is now at $1,887.67, only $14.97 away. Crossing the resistance line could, however, suggest that further gains are ahead.

Overall, looking at the technical analysis landscape, it seems CME Gold likely to continue pointing upward in the short term.

Rallies can also be seen in other Metals, notably, Silver rose 2.18% today and closed at $20.16. Platinum increases 1.25% today and closed at $954.3.

Meanwhile, Copper goes down 0.79% today and closed at $4.04.

Gold hit a significant low of $1,623.3 around 5 months ago, but has since recovered 13%.

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