Mar. 3, 2021
Gold today at a glance – Gold nudged down to 1,727, following mixed behavior today, as it ranged between $1,727 and $1,739. United States ADP Nonfarm Employment Change (Feb) data will be released today at 1:15 PM, with an expected decline to 177,000. Gold reaction to indicator information will follow. (Trade Gold with FXTM now).
Gold technical analysis picture ahead of data: A visual analysis of Gold's price graph shows Gold's immediate support is around $1,716.83, resistance level is at $1,806.7. In terms of trend indicators, we can see that, although down today, worth noting that at $1,741.67 Gold did peak above the 3 day Simple Moving Average earlier, usually an indication that a positive move is maybe ahead. Asset volatility analysis shows that a slight indication of recovery comes from looking at the Bollinger bands: the lower band is at $1,714.44 – a low enough level to usually suggest Gold is trading below its value. 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 – although indicators are mixed and some are pointing in different directions, it seems Gold might reverse course and start pointing upward in the short term.
As the market gets ready for data release – HANG SENG INDEX is trading around 29,836 after starting the session at 29,096 (up 2.54%). SSE is up 1.95%.
Earlier data released related to Gold – data for United States API Weekly Crude Oil Stock released yesterday at 9:30 PM came out at 7.36 million, beating projections of -1.85 million and showing improvement over the preceding figure of 1.03 million.
Coming up for Gold – projections for United States Crude Oil Inventories are set for a continuation of decline at -928,000 while previous data was 1.28 million, Data will be released today at 3:30 PM. Projections for United States Initial Jobless Claims are set for a continuation of decline of 750,000 while the previous data was 730,000, Data will be released tomorrow at 1:30 PM.