GOLD Live News

This page provides live coverage and news analysis on GOLD trading

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Mar. 3, 2021

After five days of going down, Gold has no clear-cut direction today, trading around $1,733.5

Live - Updated 51 minutes ago.

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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Week to date

Gold hits $1,708.4, its lowest rate in 8 months .

Trading week in a glance - Gold remains in the $1,733.5 range after starting the week at $1,747.6 and dropping $14.1. (Start trading Gold at FXTM today).

Taking a wider perspective, performance of these other symbols usually suggests a setback for Gold, as at 1.5196, EUR/CAD is down to its lowest value in 8 months.

Positive performance, however, can be seen looking at other symbols, as the Dollar/Yen hits 106.96, highest rate in 7 months. The GBP/CAD rallied beyond 1.7778 for the first time in 11 months. Crude oil made its largest single-week drop ($3.17) since October 2020. new month month and a half high for Dollar/Swiss at 0.9194.