CME Gold trades at $1,765.3 per ounce after gaining $16.9 (0.97%).
Nevertheless, United States Consumer Confidence released yesterday at 15:00 UTC is better than expected at 100.2 but down from preceding data of 102.2 according to new data.
At the same time, United States API Weekly Crude Oil Stock came out at -7.85 million, while a consensus of analysts was expecting -2.49 million. United States S&P/CS HPI Composite – 20 n.s.a. (YoY) (Sep) released yesterday at 14:00 UTC with a figure of 10.4, while the previous figure was 13.1.
Although up today, early price action saw Gold dropping below its 10 day Simple Moving Average at $1,752.39 — an early indicator that a new downward trend could be emerging.
Gold is likely to reverse course and start pointing downward in the short term.
This rally in Gold's price coincides with other Metals as Silver is up 0.97%. Palladium is up 1.31%. Platinum improves 0.67% to trade around $1,015.4.
Furthermore, the market is looking at United States Pending Home Sales is projected to outperform its last figure with -5%. It previously stood at -10.2%; data will be released today at 15:00 UTC. United States Crude Oil Inventories is projected to outperform its last figure with -2.76 million. It previously stood at -3.69 million; data will be released today at 15:30 UTC.
Also worthy of note, United States Core PCE Price Index (MoM) (Oct) is expected tomorrow at 13:30 UTC.
Having set a significant low of $1,623.3 2 months ago, CME Gold is trading 7.71% higher.