GOLD (week of 12-16/09)

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Weekly Summary

After ending today at $1,684.5 per ounce, Gold inches up to $1,684.5 per ounce (up $1,684.5) .

Gold inches up 0% to close at zero cents today. (Trade CME Gold with FXTM now).

This move comes while some more positive signs for CME Gold are out as United States Core Retail Sales fell short of the 0.1% projections, with new data of -0.3%.

Nevertheless, highly important Retail Sales data from United States beat analyst expectations of 0.2% with a reading of 0.3%. United States Initial Jobless Claims improved upon its previous reading of 218,000 with a new data release of 213,000. United States Crude Oil Inventories released Wednesday is better than expected at 2.44 million but down from preceding data of 8.84 million according to new data.

Meanwhile, United States Philadelphia Fed Manufacturing Index (Sep) came out at -9.9, while a consensus of analysts was expecting 2.8.

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 Crude Oil Inventories expected to decline to 833,000 while its preceding data was 2.44 million, data will be available Wednesday. Projections for United States Initial Jobless Claims are set for a continuation of decline with 218,000 while previous data was 213,000; data will be released Thursday.

Elsewhere, United States Building Permits (Aug) scheduled to come out Tuesday.

Sep. 16, 2022

CME Gold breaks a 4 day downtrend, increases to $1,684.5

(23:24) GMT

While Gold was in the midst of a 4 day downtrend— in which it lost a total of 3.22%— Today may indicate a change of direction; after dipping down to $1,662, Gold regained earlier losses and closed at $1,684.5 per ounce.

Uptick comes while some more positive signs for CME Gold are out as highly important Core Retail Sales data from United States beat analyst expectations of 0.1% with a reading of -0.3%.

Nevertheless, United States Retail Sales improved upon its previous reading of -0.4% with a new data release of 0.3%.

At the same time, United States Philadelphia Fed Manufacturing Index (Sep) released yesterday at 12:30 UTC with a figure of -9.9, while the previous figure was 6.2.

Gold made an initial breakout above its 21 day Simple Moving Average at $1,733.35, a potential indicator of a newly emerging bullish phase. Gold's lower Bollinger band is at $1,681.71, indicating that the market is oversold and fertile for new buyers. On the other hand, note that CME Gold could be slowing down soon as it approaches resistance at $1,700.43. Of course, crossing it might suggest further gains are ahead.

CME Gold continues to move higher with technical analysis indicating the trend will continue in the short term.

This rally in Gold's price coincides with other Metals as Silver goes up 1.67% today and closed at $19.18. Copper went up by 1.48% today, and closed at $3.54.

The commodity has been trending lower for about a month. Gold is now trading 18.51% below the significant high of $2,058.3 it set around 6 months ago.

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