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Jan. 24, 2022

U.S. Gold up $11.7, trading around $1,843.5 per ounce

Live - Updated 28 minutes ago.

After closing the last trading day at $1,831.8, Gold went up to $1,845 today, only to drop back to midpoint range to trade at $1,843.5 per ounce.

United States Manufacturing PMI published today at 2:45 PM came out at 55, falling short of the 56.7 projections and continuing its decline from the previous 57.7 figure. United States Services PMI published today at 2:45 PM came out at 50.9, falling short of the 55 projections and continuing its decline from the previous 57.6 figure. United States Composite PMI is released with a new figure of 50.8, this is down from preceding data of 57.

As the day reaches an end a chart visual study suggests Gold Futures's immediate resistance is around $1,843.73 and its nearest support level is at $1,830.5. In terms of trend indicators, we can see that even though U.S. Gold is up today, it is worth noting that earlier it dropped below 5 day Simple Moving Average and was trading at $1,829.78, a possible sign that a negative trend is ahead. Asset volatility analysis shows that a slight indication of a slowdown comes from looking at the Bollinger bands: the upper band is at $1,847 – a high enough level to usually suggest GCUSD is trading above its value. In contrast, the CCI indicator is above 100. When the CCI (Commodity Channel Index) is at this level it means the price is above the average price as measured by the indicator, indicating a possible start of a new uptrend.

Overall, looking at the technical analysis landscape, it seems a positive reverse of course (in the short term) might be next for U.S. Gold.

While U.S. Gold is green so far today, the following assets are not doing so well- Copper Futures is down to $4.45, losing 7.15 cents, after closing at $4.52 Friday. Silver Futures is down 28.5 cents from the beginning of the session and now trades around $24.04.

In the meantime, NY Palladium went up to $2,136, and added 1.51% to its five days of gains.

The market is looking forward to the release of new data: United States Consumer Confidence that seems to be pointing downwards with an expected 111.8 while the preceding figure was 115.8; new data will be released tomorrow at 3:00 PM.

CME Gold has gained 1.94% this year. A study of U.S. Gold's past performance indicates that it is currently on an uptrend that started around a month ago.

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Week to date

U.S. Gold goes up to $1,843.5 per ounce (a 0.4% gain) after closing the previous session at $1,836 .

A good end to the trading week, after ending the previous week at $1,836, Gold Futures went up to $1,843.5 only to drop back to midpoint range and now trades at $1,843.5 per ounce. (Start trading CME Gold at FXTM today).

Uptick comes while some more positive signs for Gold are out as United States Existing Home Sales published Thursday came out at 6.18 million, falling short of the 6.44 million projections and continuing its decline from the previous 6.48 million figure. United States Initial Jobless Claims fall short of the 220,000 projections, with 286,000 and continued its downward trajectory from previous figure of 231,000.

On the flip side, United States Crude Oil Inventories comes out at 515,000, above the estimate of -938,000. This is also a step forward from the previous data of -4.55 million. United States Philadelphia Fed Manufacturing Index (Jan) comes out at 23.2, above the estimate of 20. This is also a step forward from the previous data of 15.4.

At the same time, United States Manufacturing PMI published today at 2:45 PM came out at 55, falling short of the 56.7 projections and continuing its decline from the previous 57.7 figure.

Outlook for rest of the week: The market is looking forward to the release of new data: United States GDP is projected to outperform its last figure with 5.4. It previously stood at 2.3; data will be released Thursday. United States Pending Home Sales is projected to outperform its last figure with 0.3%. It previously stood at -2.2%; data will be released Thursday. United States Initial Jobless Claims is projected to outperform its last figure with 255,000, having previously been at 286,000. The figure will be published Thursday.