While on a 3 day downtrend, dropping a total of 1.29%, More of the same today: after closing at $1,644.8 Friday, Gold opened today at $1,647.2, to be greeted by bearish sentiment that overshadowing today's price action. Irrespective of the bearish mood, Gold retains a distinct $1,638.4 to $1,648.5 daily range.
Visual analysis of CME Gold's chart shows that Gold could begin to recover as it approaches significant support, now $6.8 away from $1,635.7. Dipping below could be an indication that further losses are ahead. Price action remains constrained around the key Fibonacci level of $1,646.38 currently serving as support. If price action breaks below, the next Fib hurdle is $1,623.3.
Taking a look at other Metals commodities, negative performances are evident as Copper is down to $3.38, losing 5.2 cents, after closing at $3.43 in the preceding trading session. Platinum draws back 1.69% to trade around $933.1.
Furthermore, United States ISM Manufacturing PMI (Oct) is expected tomorrow at 14:00 UTC. United States JOLTs Job Openings (Sep) scheduled to come out tomorrow at 14:00 UTC.
Approximately 7 months ago, Gold reached a significant high of $2,058.3 but has struggled to hold onto its gains and declined 20.09% since then.