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Jan. 31, 2023

After three days of declines, CME Gold is up $5.4 today

Live - Updated 38 minutes ago.

Gold got off to a strong start by gaining $5.4 (+0.29%), only to run out of steam later in the session around $1,947. Currently, Gold is trading around the $1,928.4 per ounce level.

Uptick comes while some more positive signs for CME Gold are out as highly important Consumer Confidence data from United States beat analyst expectations of 109 with a reading of 107.1.

Meanwhile, United States API Weekly Crude Oil Stock released today at 21:30 UTC with a figure of 6.33 million, while the previous figure was 3.38 million. United States Chicago PMI (Jan) came out at 44.3, while a consensus of analysts was expecting 45.

Despite posting gains so far today, Gold slid below its 10 day Simple Moving Average at $1,922.37 in earlier trade — an early indicator that a negative trend could be emerging. Gold could be slowing down soon as it approaches resistance at $1,939. Of course, crossing it might suggest further gains are ahead. In contrast, Fibonacci-focused traders would be interested to note that Gold is oscillating around the key Fibonacci resistance level of $1,941.2.

Overall, looking at the technical analysis landscape, it seems CME Gold is likely to reverse course and start pointing down in the short term.

A look at other Metals also shows upside as Copper gained 0.49% and is currently trading at $4.22. Palladium goes up 0.77% to trade around $1,640.5.

Today's gains are adding to bullish investor sentiment as robust macro data is expected for release later today; as things stand, upcoming United States Crude Oil Inventories data is projected to fall short of market expectations with newly published data of -1,000,000, following on from the preceding figure of 533,000. New data is set to be published tomorrow at 15:30 UTC.

Elsewhere, United States ADP Nonfarm Employment Change (Jan) will be released tomorrow at 13:15 UTC. United States Interest Rate is expected tomorrow at 19:00 UTC.

The commodity has been trending positively for about a month. Gold has managed to gain 5.67% so far this year despite trading at lows around $1,623.3 previously.

Some social media takeaways for Gold:

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Week to date

CME Gold is trading around $1,928.4 per ounce after ending the previous session at zero cents (up 0%) .

A good end to the trading week, Gold is up to $1,928.4 per ounce, after closing yesterday at zero cents. Overall, a 0% move or $1,928.4 this week. (Start trading Gold at FXTM today).

This move comes while some more positive signs for CME Gold are out as highly important Consumer Confidence data from United States beat analyst expectations of 109 with a reading of 107.1.

Nevertheless, highly important Pending Home Sales data from United States beat analyst expectations of -0.9% with a reading of 2.5%. Highly important Core Durable Goods Orders data from United States beat analyst expectations of -0.2% with a reading of -0.1%.

At the same time, United States Core PCE Price Index (MoM) (Dec) released Friday with a figure of 0.3, while the previous figure was 0.2. United States New Home Sales (Dec) came out at 616,000, while a consensus of analysts was expecting 617,000.

Outlook for rest of the week: Today's gains are adding to bullish investor sentiment as robust macro data is expected for release later today; United States Crude Oil Inventories projected to come out at -1,000,000 — worse than previous data of 533,000; data will be released tomorrow at 15:30 UTC.

Also worthy of note, United States ADP Nonfarm Employment Change (Jan) scheduled to come out tomorrow at 13:15 UTC. United States Interest Rate is expected tomorrow at 19:00 UTC.