While CME Gold is in the midst of a 9 day up trend, Now turning against its recent performance, after ending yesterday at $1,910, today Gold went up to $1,929.8 before paring back gains and settling around $1,907 per ounce.
United States's Core Retail Sales new data released of -1.1% below its previous figure.
On the flip side, positive data for Gold released earlier when Producer Price Index in United States fell short of market expectations (-0.1%) with a reading of -0.5%, continuing the decline from the previous figure of 0.2%. Highly important Core Retail Sales data from United States beat analyst expectations of -0.4% with a reading of -1.1%. Highly important Retail Sales data from United States beat analyst expectations of -0.8% with a reading of -1.1%.
As the trading day comes to an end, chart analysis indicates Gold could begin to recover as it approaches significant support, now $5.53 away from $1,901.57. Dipping below could be an indication that further losses are ahead. Concerning technical analysis and more specifically, trend indicators, CME Gold made an initial break below its 5 day Simple Moving Average at $1,895.7, a possible indication of a forthcoming negative trend.
Overall, while CME Gold has been on an uptrend, technical indicators suggest that it has no obvious direction for the immediate future.
Taking a look at other Metals commodities, negative performances are evident as after ending yesterday's session at $24.07, Silver lost 42.3 cents and is trading around $23.64. After ending yesterday's session at $1,734, Palladium lost $26.5 and is trading around $1,707.5.
Some optimism can drawn from the fact that United States Crude Oil Inventories projected to come out at -1.75 million — worse than previous data of 18.96 million; data will be released tomorrow at 16:00 UTC. United States Initial Jobless Claims expected to decline to 214,000 while its preceding data was 205,000, data will be available tomorrow at 13:30 UTC.
Furthermore, United States Philadelphia Fed Manufacturing Index (Jan) is expected tomorrow at 13:30 UTC.
The commodity has been trending positively for about a month. Gold has managed to gain 4.8% so far this year despite trading at lows around $1,623.3 previously.