CME Gold goes up to $1,658.2 per ounce after dipping down to $1,641.2 earlier.
United States's Consumer Confidence new data released of 102.5 below its previous figure.
This move comes while some more positive signs for CME Gold are out as following a previous reading of 107.8, Consumer Confidence in United States released today at 14:00 UTC fell short of the 106.5 figure expected by analysts with an actual reading of 102.5.
At the same time, United States S&P/CS HPI Composite – 20 n.s.a. (YoY) (Aug) released today at 13:00 UTC with a figure of 13.1, while the previous figure was 16. United States Services PMI came out at 46.6, while a consensus of analysts was expecting 49.2.
Gold broke through the $1,658 resistance and climbed 17 cents above it. Despite posting gains so far today, CME Gold slid below its 10 day Simple Moving Average at $1,653.19 in earlier trade — an early indicator that a negative trend could be emerging. In contrast, CME Gold is currently trading around the $1,660.66 Fibonacci resistance level.
After posting consistent gains as part of its uptrend and being lifted by intraday sentiment, technical factors suggest CME Gold is set for a reversal in the coming days.
At the same time, Platinum is down $13.2 from the beginning of the session and now trades around $934.1. Palladium is down to $1,922.5, losing $45.3, after closing at $1,967.8 in the preceding trading session. Copper is down to $3.4, losing 2.6 cents, after closing at $3.43 in the preceding trading session.
Also worthy of note, United States Crude Oil Inventories is projected to outperform its last figure with 200,000. It previously stood at -1.73 million; data will be released tomorrow at 14:30 UTC.
The market is looking forward to the release of new data: United States New Home Sales (Sep) is scheduled for 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 19.64% since then.