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GOLD

Sep. 29, 2022

Gold is down $7.3 (0.44%), trading around $1,662.7 per ounce

Live - Updated 23 minutes ago.

CME Gold drops $7.3 early on and steadies around the $1,662.7 per ounce level.

Data for United States Initial Jobless Claims published today at 12:30 UTC came out at 193,000, beating projections of 215,000 and showing improvement over the preceding figure of 209,000. Highly important GDP data from United States beat analyst expectations of -0.6 with a reading of -0.6.

In contrast, positive data for Gold reported earlier when following a previous reading of 1.14 million, Crude Oil Inventories in United States released yesterday at 14:30 UTC fell short of the 443,000 figure expected by analysts with an actual reading of -215,000.

Gold made an initial break below its 10 day Simple Moving Average at $1,657.81, a possible indication of a forthcoming negative trend. CME Gold is currently flirting with an active Fibonacci support level around $1,662.

Overall, looking at the technical analysis landscape, it seems Gold is likely to continue pointing down in the short term.

In the meantime, negative performances are also seen in other Metals as Silver closed at $18.61 (down 1.02%). Platinum is down to $855.7, losing $5.1, after closing at $860.8 in the preceding trading session.

Positive performances can be seen by looking at other Metals markets as having closed the previous session at $2,150.6, Palladium is up 1.74% today to currently trade at around $2,188.

Furthermore, United States Core PCE Price Index (MoM) (Aug) will be released tomorrow at 12:30 UTC.

The commodity has been trending lower for about a month. Gold hit a significant low of $1,623.3 around a day ago, but has since recovered 2.88%.

Twitter highlights for Gold:

Gold edged lower on renewed strength in the US dollar, after a rally triggered by the Bank of England's intervention https://t.co/EYnttAYhIb
— Bloomberg Markets (@markets) September 29, 2022

trade on the GOLD

Week to date

Gold drifts up to $1,662.7 per ounce, after ending the last session at zero cents (down 0%) .

Trading week at a glance - Gold is up to $1,662.7 per ounce, after closing yesterday at zero cents. Overall, a 0% move or $1,662.7 this week. (Start trading CME Gold at FXTM today).

Uptick comes while some more positive signs for Gold are out as United States Crude Oil Inventories published yesterday at 14:30 UTC came out at -215,000, falling short of the 443,000 projections and continuing its decline from the previous 1.14 million figure. Highly important Pending Home Sales data from United States beat analyst expectations of -1.4% with a reading of -2%.

On the flip side, highly important Initial Jobless Claims data from United States beat analyst expectations of 215,000 with a reading of 193,000. Highly important GDP data from United States beat analyst expectations of -0.6 with a reading of -0.6.

At the same time, United States New Home Sales (Aug) released Tuesday with a figure of 685,000, while the previous figure was 532,000.

Also worthy of note, United States Core PCE Price Index (MoM) (Aug) scheduled to come out tomorrow at 12:30 UTC. United States JOLTs Job Openings (Aug) is scheduled for Tuesday. United States ISM Non-Manufacturing PMI (Sep) is expected Wednesday.

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