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Jul. 23, 2021

Gold closed at $1,802, continuing its bearish run

(23:24) GMT

Gold has been losing ground for 7 days, shedding a total of 1.54% of its value. Today's session suggests more of the same, Gold failed to recover all the way to $1,805.4 after dipping down to $1,789.

On the flip side 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.

Meanwhile, data for United States Manufacturing PMI released today at 1:45 PM comes out at 63.1, beating projections of 62 and showing improvement over the preceding figure of 62.1.

A study of Gold's graph shows key levels to watch: although Gold is down today and was as low as $1,789, it seems to be recovering slightly and climbing away from the $1,761.6 support line and is now $40.5 above it. In terms of trend indicators, we can see that at $1,796.61, Gold made an initial breakout below the 21 day Simple Moving Average, an indication of a negative trend.

Overall, technical indicators suggest Gold has no obvious direction for the immediate future.

Also today, S&P 500 ascends to 4,412.81, its highest rate ever. Nasdaq hits fresh record high at 14,843.

Gold is having a rough year so far losing 5.04%. A study on Gold's past performance indicates that it is currently on a down trend that started around 4 months ago.

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Week to date

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.

In the meantime negative performances are also seen in other symbols, Euro/Yen dropped to 128.57, hitting a 4 months low. At 109.06, Dollar/Yen is down to its lowest value in 2 months.

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.