Gold hovers around $1,802 .
A bearish end to the trading week, currently light red but with no clear-cut direction Gold trading at $1,802 after ranging this week between $1,825.7 and $1,790.4. (Start trading Gold at FXTM today).
This downslide might be related to financial indicators data published earlier as United States Crude Oil Inventories beats expectations of -4.47 million with new data release of 2.11 million. This is also a step forward from the previous data of -7.90 million.
On the flip side, positive data for Gold released earlier when United States Existing Home Sales released earlier shows an improvement to 5.86 million from the preceding data of 5.78 million, but falls short of the projected 5.90 million. United States Initial Jobless Claims published yesterday at 12:30 PM came out at 419,000, falling short of the 350,000 projections and continuing its decline from the previous 368,000 figure. United States Building Permits published Tuesday came out at 1.60 million, falling short of the 1.70 million projections and continuing its decline from the previous 1.68 million figure.
Meanwhile, United States Manufacturing PMI beats expectations of 62 with new data release of 63.1. This is also a step forward from the previous data of 62.1.
Outlook for rest of the week: Market will keep its eye on the following upcoming macroeconomics indicators: projections for United States Pending Home Sales are set for a continuation of decline with -0.8% while previous data was 8%, data will be released Thursday.