Mar. 3, 2021
A mostly flat day so far for Gold, ranging between $1,739 and $1,728.6 and is now at $1,733.5. (Start trading Gold at FXTM today).
This in-between state for Gold is reflected by market data published as United States API Weekly Crude Oil Stock beats expectations of -1.85 million with new data release of 7.36 million. This is also a step forward from the previous data of 1.03 million.
The Chart pattern study shows the Gold resistance level is at $1,806.7. Momentum evaluation shows the Relative Strength Index has gone up above 30 – exiting oversold conditions and indicating a slowdown of gains. Asset volatility analysis shows that the lower Bollinger band is at $1,724, indicating a positive move might be next. However, the CCI indicator is below -100. When the CCI (Commodity Channel Index) is at this level, it means the price is below the average price as measured by the indicator, indicating a possible start of a new downtrend.
Overall, looking at the technical analysis landscape, it seems Gold might be pointing upward in the short term.
While Gold is pretty flat so far today, mixed performances are seen elsewhere as NASDAQ is down to 13,358.79, losing 230.04 points after opening at 13,588.83.
Data to be released later might clear up some of the fog for gold as projections for United States Crude Oil Inventories are set for a continuation decline at -928,000 while the previous data was 1.28 million, Data will be released today at 3:30 PM. United States Initial Jobless Claims are expected to decline to 750,000 when its preceding data was 730,000, Data will be available tomorrow at 1:30 PM. The United States ISM Non-Manufacturing PMI (Feb) is scheduled for today at 3:00 PM.
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