GOLD (week of 19-23/09)

Advertiser Disclaimer
Top8forexbrokers would like to remind you that the data contained in this website is not necessarily real-time nor accurate.Prices may not be accurate and may differ from the actual market price, meaning prices are indicative and not appropriate for trading purposes. Therefore Top8forexbrokers does not bear any responsibility for any trading losses you might incur as a result of using this data.
Top8forexbrokers or anyone involved with Top8forexbrokers will not accept any liability for loss or damage as a result of reliance on the information including data, quotes, charts and buy/sell signals contained within this website. Please be fully informed regarding the risks and costs associated with trading the financial markets, it is one of the riskiest investment forms possible.

Weekly Summary

CME Gold is trading around $1,651.7 per ounce, after closing the previous week at $1,651.7 per ounce (down 0%) .

Gold drifts up 0% to close at $1,651.7 per ounce today. (Trade CME Gold with FXTM now).

This move comes while some more positive signs for Gold are out as Crude Oil Inventories in United States fell short of market expectations (2.16 million) with a reading of 1.14 million, continuing the decline from the previous figure of 2.44 million.

On the flip side, United States Initial Jobless Claims beat the 218,000 projections, with 213,000.

At the same time, United States Interest Rate came out at 3.25, while a consensus of analysts was expecting 3.25. United States Existing Home Sales (Aug) released Wednesday with a figure of 4.8 million, while the previous figure was 4.82 million. United States Building Permits (Aug) released Tuesday with a figure of 1.52 million, while the previous figure was 1.69 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 Initial Jobless Claims will be released, with an expected decline to 215,000 from the preceding figure of 213,000.

Also worthy of note, United States Core PCE Price Index (MoM) (Aug) scheduled to come out Friday. United States New Home Sales (Aug) is expected Tuesday.

Sep. 23, 2022

Risk-off mood drags CME Gold 1.75% lower

(23:24) GMT

Today at a glance: Gold dipped as low as $1,646.6 before recovering some lost ground. However, the rebound failed to push the stock to where it started the session ($1,680) with Gold closing the day at $1,651.7 per ounce.

United States Initial Jobless Claims beat the 218,000 projections, with 213,000.

Meanwhile, United States CFTC Crude Oil speculative net positions released today at 19:30 UTC with a figure of 239,900, while the previous figure was 227,100. United States CFTC Gold speculative net positions released today at 19:30 UTC with a figure of 65,700, while the previous figure was 97,300.

Gold made an initial break below its 5 day Simple Moving Average at $1,674.69, a possible indication of a forthcoming negative trend. Gold pushed below the $1,665 support level and extended $13.4 beyond it. In contrast, Gold's lower Bollinger band is at $1,651, indicating that the asset has overextended to the downside and could, therefore, bounce back as buyers look for bargains.

Overall, looking at the technical analysis landscape, it seems that although indicators are mixed and some are pointing in different directions further drawbacks may be next for Gold.

Gold's value drop coincided with the fact that Platinum lost 5.86% today and closed at $906. After ending today's session at $19.62, Silver lost 78.2 cents and is trading around $18.84. Copper is down to $3.35, losing 12.25 cents, after ending the previous session around $3.47.

The commodity has been trending lower for about a month. Having set a significant high of $2,058.3 7 days ago, CME Gold is trading 1.16% lower.

Some social media takeaways for CME Gold:

follow us: