GOLD (week of 16-20/01)

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Weekly Summary

CME Gold increases slightly to $1,927.7 per ounce (a 0% gain) after closing the previous session at zero cents .

Gold increases slightly 0% to close at $1,927.7 per ounce today. (Trade CME Gold with FXTM now).

On the flip side, United States Crude Oil Inventories beat the -593,000 projections, with 8.41 million. Highly important Initial Jobless Claims data from United States beat analyst expectations of 214,000 with a reading of 190,000.

At the same time, United States Existing Home Sales (Dec) came out at 4 million, while a consensus of analysts was expecting 3.96 million. United States Philadelphia Fed Manufacturing Index (Jan) released yesterday at 13:30 UTC with a figure of -8.9, while the previous figure was -13.7. United States Building Permits (Dec) released yesterday at 13:30 UTC with a figure of 1.33 million, while the previous figure was 1.35 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 Thursday data for United States Core Durable Goods Orders will be released, with an expected decline to -0.1% from the preceding figure of 0.1%. United States Crude Oil Inventories projected to come out at -593,000 — worse than previous data of 8.41 million; data will be released Wednesday.

Also worthy of note, United States Pending Home Sales is projected to outperform its last figure with -1%, having previously been at -4%. The figure will be published Friday.

Jan. 20, 2023

Gold retracted $11.3 from 9 months high and trades at $1,927.7

(23:24) GMT

After ending yesterday at $1,924, Gold rallied to $1,939 today, hitting its highest point in 9 months. It later lost $11.3 and closed at $1,927.7.

CME Gold is currently trading at $1,927.7 following the release of Existing Home Sales (Dec) data from the United States.

On the flip side, highly important Crude Oil Inventories data from United States beat analyst expectations of -593,000 with a reading of 8.41 million.

Meanwhile, United States Existing Home Sales (Dec) came out at 4 million, while a consensus of analysts was expecting 3.96 million. United States Philadelphia Fed Manufacturing Index (Jan) released yesterday at 13:30 UTC with a figure of -8.9, while the previous figure was -13.7.

CME Gold's notable support and resistance levels: Gold could be slowing down soon; it is getting close to the resistance line and is now at $1,935, only $7.33 away. Crossing the resistance line could, however, suggest that further gains are ahead. With regards to technical trend indicators, chart analysis show that the Commodity Channel Index (CCI) indicator is above +100, meaning the market price is unusually high compared to the rolling average. According to momentum evaluation, according to technical analysis of CME Gold's Relative Strength Index (RSI), the market is currently overbought. According to asset volatility analysis, CME Gold's upper Bollinger Band® is at $1,947.17, this is a slight indication of a slowdown.

Notwithstanding CME Gold's appreciation in recent days, the technical outlook suggests its bullish run is now fading.

A look at other Metals also shows upside as Copper went up by 1.13% today, and closed at $4.28. Platinum went up by 1.04% today, and closed at $1,052.

While CME Gold is higher so far today, these Metals commodities are underperforming: Palladium withdraws 2.18% today and closed at $1,768.5.

The commodity has been trending positively for about a month. Gold has managed to gain 5.62% so far this year despite trading at lows around $1,623.3 previously.

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