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GOLD

Dec. 1, 2023

CME Gold hits fresh record high at $2,095.7

(22:24) GMT

CME Gold lost $4 and now trades at $2,091.7, following an impressive jump to $2,095.7 yesterday — a significant recent high.

CME Gold is currently trading at $2,091.7 following the release of Fed Chair Powell speech data from the United States.

On the flip side, data for United States Pending Home Sales released yesterday at 15:00 UTC is better than expected with -1.5%, but worse than previous figure of 1%.

Meanwhile, United States ISM Manufacturing Prices (Nov) came out at 49.9, while a consensus of analysts was expecting 46.2. United States ISM Manufacturing PMI (Nov) released today at 15:00 UTC with a figure of 46.7, while the previous figure was 46.7.

Gold has just crossed its upper Bollinger Band® at $2,075.7, suggesting further gains could be on the cards. CME Gold broke through the $2,065.27 resistance, climbing $26.43 above it. In contrast, 'Bearish Harami' is a candlestick chart indicator used for detecting reversals within a prevailing bull trend. It is generally indicated by a small price decrease that's contained within a broader upward price movement and is commonly associated with a bullish trend coming to an end. Despite posting gains so far today, Gold slid below its 3 day Simple Moving Average at $2,054.37 in earlier trade — an early indicator that a negative trend could be emerging.

According to technical analysis, it looks as if Gold likely to continue pointing upward in the short term.

Rallies can also be seen in other Metals, Copper gained 1.79% and is currently trading at $3.92. Platinum gained 0.54% and is now trading at $941.

At the same time, Palladium is down to $1,010.5, losing $9.9, after closing at $1,020.4 in the preceding trading session.

Having set a significant high of $2,065.5 2 days ago, CME Gold is trading 0.4% lower.

trade on the GOLD

Week to date

Stalemate for Gold bulls and bears .

A good end to the trading week, Gold is up to $2,091.7 per ounce, after closing yesterday at zero cents. Overall, a 0% move or $2,091.7 this week. (Start trading CME Gold at FXTM today).

On the flip side, data for United States Pending Home Sales released yesterday at 15:00 UTC is better than expected with -1.5%, but worse than previous figure of 1%. United States Initial Jobless Claims released yesterday at 13:30 UTC is better than expected at 218,000 but down from preceding data of 211,000 according to new data.

Meanwhile, United States ISM Manufacturing Prices (Nov) released today at 15:00 UTC with a figure of 49.9, while the previous figure was 45.1. United States ISM Manufacturing PMI (Nov) came out at 46.7, while a consensus of analysts was expecting 47.6. Fresh Core PCE Price Index (YoY) (Oct) data from United States came out at 3.5.

The market is looking forward to the release of new data: United States Nonfarm Payrolls (Nov) is scheduled for Friday. United States Services PMI is expected Tuesday. United States Unemployment Rate (Nov) is expected Friday.

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