GOLD (week of 14-18/11)

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Weekly Summary

CME Gold inches up to $1,752 per ounce, after ending the last session at zero cents (down 0%) .

Gold inches up 0% to close at $1,752 per ounce today. (Start trading CME Gold at FXTM today).

Uptick comes while some more positive signs for CME Gold are out as United States Crude Oil Inventories fell short of the -440,000 projections, with new data of -5.4 million.

On the flip side, United States Initial Jobless Claims beat analyst expectations of 225,000 and the previous reading of 226,000 with new data of 222,000.

Meanwhile, United States Existing Home Sales (Oct) released today at 15:00 UTC with a figure of 4.43 million, while the previous figure was 4.71 million. United States Philadelphia Fed Manufacturing Index (Nov) came out at -19.4, while a consensus of analysts was expecting -6.2. United States Building Permits (Oct) came out at 1.53 million, while a consensus of analysts was expecting 1.51 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 Initial Jobless Claims projected to come out at 225,000 — worse than previous data of 222,000; data will be released Wednesday.

Furthermore, the market is looking at United States Core Durable Goods Orders is projected to outperform its last figure with 0.1%. It previously stood at -0.5%; data will be released Wednesday.

The market is looking forward to the release of new data: United States New Home Sales (Oct) will be released Wednesday.

Nov. 18, 2022

Risk-off mood drags Gold 0.62% lower

(23:24) GMT

Today at a glance: bearish sentiment ensured CME Gold finished today's session lower. However, despite the downward bias, Gold etched out a distinct $1,749.2 to $1,770 session range.

United States Initial Jobless Claims improved upon its previous reading of 226,000 with a new data release of 222,000.

Amid the market gloom, United States Existing Home Sales (Oct) released today at 15:00 UTC with a figure of 4.43 million, while the previous figure was 4.71 million. United States Philadelphia Fed Manufacturing Index (Nov) came out at -19.4, while a consensus of analysts was expecting -6.2.

Gold chart analysis: Gold could begin to recover as it approaches significant support, now $4.87 away from $1,757. Dipping below could be an indication that further losses are ahead.

Gold's value drop coincided with the fact that Palladium falls 3.7% today and closed at $2,024.3. Copper stumbles 1.36% today and closed at $3.69. After ending today's session at $991.5, Platinum lost $5.1 and is trading around $986.4.

Having set a significant low of $1,623.3 a month ago, CME Gold is trading 8.61% higher.

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