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GOLD

Jun. 7, 2023

End of rally? After three days of gains, Gold is down $5 today

Live - Updated 38 minutes ago.

Gold is grinding lower from $1,981.5 to $1,976.5 per ounce, shedding $5 (0.25%) today.

While price action maintains a negative bias, United States API Weekly Crude Oil Stock released yesterday at 20:30 UTC with a figure of -1.71 million, while the previous figure was 5.20 million.

Gold made an initial break below its 21 day Simple Moving Average at $1,976.18, a possible indication of a forthcoming negative trend. Gold's upper Bollinger Band® is at $1,999.34 which indicates a further downward move may follow. In contrast, Gold could begin to recover as it approaches significant support, now $4.47 away from $1,972. Dipping below could be an indication that further losses are ahead.

Following today's unexpected losses, extensive multifactorial technical analysis forecasts Gold to buck against its prevailing uptrend and begin to dip lower in the short term. With all probabilities considered, the Gold is expected to attract significant bearish sentiment in the coming days.

Though Gold has been dropping, other Metals have been performing better: having closed the previous session at $1,038.7, Platinum is up 0.67% today to currently trade at around $1,045.7. Copper is up 0.46% to $3.79.

In addition, today at 14:30 UTC data for United States Crude Oil Inventories will be released, with an expected decline to 1 million from the preceding figure of 4.49 million. Tomorrow at 12:30 UTC data for United States Initial Jobless Claims will be released, with an expected decline to 235,000 from the preceding figure of 232,000.

Gold reached a significant high of $2,058.7 around a month ago but has lost 3.75% since then.

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Week to date

Gold is trading around $1,976.5 per ounce, after closing the previous week at $1,976.5 per ounce (down 0%) .

Trading week at a glance - Gold is up to $1,976.5 per ounce, after closing yesterday at zero cents. Overall, a 0% move or $1,976.5 this week. (Trade Gold with FXTM now).

Uptick comes while some more positive signs for Gold are out as United States Average Hourly Earnings published Friday 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, data for United States Non Farm Payrolls published Friday came out at 339,000, beating projections of 180,000 and showing improvement over the preceding figure of 294,000.

At the same time, United States ISM Non-Manufacturing PMI (May) came out at 50.3, while a consensus of analysts was expecting 52.2. United States Services PMI released Monday with a figure of 54.9, while the previous figure was 53.6.

Outlook for rest of the week: Moreover, macro data could boost sentiment further as today at 14:30 UTC data for United States Crude Oil Inventories will be released, with an expected decline to 1 million from the preceding figure of 4.49 million. Tomorrow at 12:30 UTC data for United States Initial Jobless Claims will be released, with an expected decline to 235,000 from the preceding figure of 232,000.

Furthermore, the market is looking at United States Core Consumer Prices is expected Tuesday.

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