Having lost $33.1 over 6 days, Today is looking a bit better: without a clear-cut direction, CME Gold is trading around $1,632 per ounce and ranging between $1,631 and $1,632.8.
Gold is currently trading at $1,632 following the release of ISM Non-Manufacturing PMI (Oct) data from the United States.
Gold's state is reflected by market data as United States ISM Non-Manufacturing PMI (Oct) came out at 54.4, while a consensus of analysts was expecting 55.5. Data for United States Initial Jobless Claims published today at 12:30 UTC came out at 217,000, beating projections of 220,000 and showing improvement over the preceding figure of 218,000. United States Interest Rate released yesterday at 18:00 UTC with a figure of four, while the previous figure was 3.25.
The MACD index is indicating that momentum is shifting from bullish to bearish following a negative crossover. When the MACD falls below the signal line, it is typically considered to be a bearish development favoring short positions. CME Gold formed a session range of $1,631 to $1,632.8 leaving buyers and sellers highly concentrated around an active Fibonacci support level of $1,623.3. Despite this, CME Gold's upper Bollinger Band® is at $1,687 and the lower is $1,620. CME Gold is approaching key support, around 53 cents away from $1,631.57. Dipping below could indicate further losses are ahead while a failure to break below this level is likely to be seen positively by market bulls.
According to technical indicators, Gold is positioned for a downward move in the short term.
Meanwhile, mixed performances are seen in other Metals as Platinum is down to $921.1, losing $3, after closing at $924.1 in the preceding trading session.
Data to be released later is expected to clarify investor sentiment while boosting price action volatility as United States Non Farm Payrolls projected to come out at 200,000 — worse than previous data of 263,000; data will be released tomorrow at 12:30 UTC. As things stand, upcoming United States Unemployment Rate data is projected to fall short of market expectations with newly published data of 3.6, following on from the preceding figure of 3.5. New data is set to be published tomorrow at 12:30 UTC.
7 months ago Gold reached a significant high of $2,058.3 but has consequently lost 20.76% since then.