CME Gold made its largest single-day jump of $1,800 (3.03%) since Aug 15, and is now trading at $1,813.2.
CME Gold is currently trading at $1,813.2 following the release of ISM Manufacturing PMI (Nov) data from the United States.
On the flip side, data for United States Initial Jobless Claims published today at 13:30 UTC came out at 225,000, beating projections of 235,000 and showing improvement over the preceding figure of 241,000.
Meanwhile, United States ISM Manufacturing PMI (Nov) released today at 15:00 UTC with a figure of 49, while the previous figure was 50.2. United States Core PCE Price Index (MoM) (Oct) came out at 0.2, while a consensus of analysts was expecting 0.3.
Gold made an initial breakout above its 200 day Simple Moving Average at $1,790.81, a potential indicator of a newly emerging bullish phase. Gold broke through the $1,793.83 resistance and climbed above it $19.37; next resistance level is at $1,799. Despite this, first developed in 1978, the relative strength index (RSI) is a momentum oscillator that measures both the speed and rate of change in price movements within a market — measured as a 0-100 index. In CME Gold's case, the RSI has fallen below 30, indicating the asset is oversold. CME Gold's upper Bollinger Band® is at $1,813.71, this is a slight indication of a slowdown.
Overall, looking at the technical analysis landscape, it seems Gold likely to continue pointing upward in the short term.
Rallies can also be seen in other Metals, having closed the previous session at $21.78, Silver is up 4.33% today to currently trade at around $22.73. Copper is up 1.34%. Platinum is up 1.3%.
Today's gains are adding to bullish investor sentiment as robust macro data is expected for release later today; tomorrow at 13:30 UTC data for United States Non Farm Payrolls will be released, with an expected decline to 200,000 from the preceding figure of 261,000.
The market is looking forward to the release of new data: United States Unemployment Rate is expected tomorrow at 13:30 UTC.
Gold hit a significant low of $1,623.3 around 2 months ago, but has since recovered 8.41%.