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Jul. 6, 2022

Gold dull so far today at $1,765.5, while in the midst of a bearish run

Live - Updated 34 minutes ago.

While on a 13 day downtrend Today is looking a bit better: Gold trades at $1,765.5 per ounce, after ending yesterday at $1,764.

Gold's state is reflected by market data as United States Factory Orders (MoM) (May) comes out at 1.6, better than analyst estimates of 0.5 and improving upon the previous reading of 0.7.

Concerning technical analysis and more specifically, trend indicators, the Commodity Channel Index (CCI) indicator is below -100, meaning the market price is unusually low and below its rolling moving average. Technical analysis indicates that a new, strong downtrend could be forthcoming with short positions favored. Analysis based on the asset volatility indicates that Gold has just broken through its lower Bollinger band at $1,773.83, opening the door for further declines. In contrast, the Relative Strength Index has gone below 30, going into oversold conditions and allowing more gains.

According to technical indicators, Gold is positioned for a downward move in the short term.

Data to be released later might clear up some of the fog for Gold as United States Crude Oil Inventories is projected to outperform its last figure with -1.1 million. It previously stood at -2.76 million, and data will be released tomorrow at 3:00 PM. United States ADP Nonfarm Employment Change (Jun) is projected to rise to 200,000, beating the previous 128,000 figure. Official data is expected tomorrow at 12:15 PM. United States JOLTs Job Openings (May) expected to decline to 11 million, while its preceding data was 11.4 million, data will be available today at 2:00 PM.

Approximately 3 months ago, Gold reached a significant high of $2,058.3, but has struggled to hold onto its gains and declined 14.3% since then.

Some social media takeaways for CME Gold:

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Week to date

CME Gold is hovering around $1,765.5 per ounce .

Trading week at a glance - Gold is up to $1,765.5 per ounce, after closing yesterday at zero cents. Overall, a 0% move or $1,765.5 this week. (Trade CME Gold with FXTM now).

This move comes while some more positive signs for Gold are out as ISM Manufacturing PMI (Jun) in United States fell short of the 54.9 projection with 53 and continued its downward trajectory from previous figure of 56.1. United States Core PCE Price Index (MoM) (May) fall short of the 0.4 projections, with 0.3 and marks no progress over previous figure of 0.3. Crude Oil Inventories in United States fell short of the -569,000 projection with -2.76 million and continued its downward trajectory from previous figure of -386,000. GDP (QoQ) (Q1) in United States fell short of the -1.5 projection with -1.6 and continued its downward trajectory from previous figure of -1.5.

On the flip side, data for United States Initial Jobless Claims released Thursday is better than expected with 231,000, but worse than previous figure of 233,000.

Positive Gold indicators are expected going forward as United States Nonfarm Payrolls (Jun) expected to decline to 268,000, while its preceding data was 390,000, data will be available Friday.

Outlook for rest of the week: United States Crude Oil Inventories is projected to outperform its last figure with -1.1 million. It previously stood at -2.76 million, and data will be released tomorrow at 3:00 PM. United States ADP Nonfarm Employment Change (Jun) is projected to outperform its last figure with 200,000. It previously stood at 128,000, and data will be released tomorrow at 12:15 PM.