GOLD (week of 29-02/06)

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GOLD

Weekly Summary

Range-bound Gold shifts up $1,964.3 to close at $1,964.3 per ounce .

Gold shifts up 0% to close at $1,964.3 per ounce today. (Start trading CME Gold at FXTM today).

CME Gold upside coincides with further encouraging market factors as United States Average Hourly Earnings published today at 12:30 UTC came out at 0.3%, falling short of the 0.4% projections and continuing its decline from the previous 0.4% figure. Unemployment Rate in United States fell short of market expectations (3.5) with a reading of 3.7, continuing the decline from the previous figure of 3.4.

On the flip side, United States Non Farm Payrolls beat the 180,000 projections, with 339,000. United States Crude Oil Inventories improved upon its previous reading of -12.46 million with a new data release of 4.49 million.

At the same time, United States ISM Manufacturing PMI (May) came out at 46.9, while a consensus of analysts was expecting 47.

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 is expected Wednesday.

Also worthy of note, United States Services PMI is expected Monday. United States ISM Non-Manufacturing PMI (May) is expected Monday.

Jun. 2, 2023

Risk-off mood drags CME Gold 1.56% lower

(23:24) GMT

Today at a glance: after a mostly steady day, CME Gold lost 1.56% deep into the session, ending up at $1,964.3 per ounce.

United States Non Farm Payrolls beat analyst expectations of 180,000 and the previous reading of 294,000 with new data of 339,000.

On the flip side, data from United States concerning Average Hourly Earnings was released today at 12:30 UTC. Newly published figures emphasized continued decline from last month's figure of 0.4% to 0.3% this month. Following a previous reading of 3.4, Unemployment Rate in United States released today at 12:30 UTC fell short of the 3.5 figure expected by analysts with an actual reading of 3.7.

Gold made an initial break below its 21 day Simple Moving Average at $1,987, a possible indication of a forthcoming negative trend. Gold is currently flirting with an active Fibonacci support level around $1,991.31. Despite this, CME Gold could begin to recover as it approaches significant support, now $11.53 away from $1,952.77. Dipping below could be an indication that further losses are ahead.

Several technical indicators are adding weight to the bearish momentum seen today and forecasting CME Gold to extend its recent losses.

Gold's value drop coincided with the fact that Silver is down to $23.7, losing 30.5 cents, after ending the previous session around $24.

Though CME Gold has been dropping, other Metals have been performing better: Palladium goes up 2.18% today and closed at $1,390.7. Copper ascends 0.59% today and closed at $3.71.

CME Gold has fallen back around 3.07% from the significant high of $2,058.7 set 29 days ago.

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