After closing at $1,792.3 yesterday, CME Gold began today at $1,792.3 with significant bullish sentiment driving CME Gold's price action higher. So far today, price action has drawn out a distinct $1,791.8 to $1,799.5 range.
United States Consumer Price Index is next today at 13:30 UTC.
Meanwhile, United States Federal Budget Balance (Nov) came out at -249 billion, while a consensus of analysts was expecting -248 billion. United States 10-Year Note Auction released yesterday at 18:00 UTC with a figure of 3.625, while the previous figure was 4.14. United States 3-Year Note Auction came out at 4.093.
Gold is $5.63 away from testing key resistance at $1,800.23. Peaking above this level could inspire market bulls and open the path to further gains. CME Gold's upper Bollinger Band® is at $1,817.69, this is a slight indication of a slowdown.
Examining the technical analysis landscape, CME Gold is likely to reverse course and start pointing downward in the short term.
Rallies can also be seen in other Metals, Silver is up 0.86%. Having closed the previous session at $1,884, Palladium is up 0.95% today to currently trade at around $1,902. Copper is up 0.54%.
Furthermore, the market is looking at United States Crude Oil Inventories is projected to outperform its last figure with -3.91 million. It previously stood at -5.19 million; data will be released tomorrow at 15:30 UTC.
Also worthy of note, United States Consumer Price Index is expected today at 13:30 UTC. United States Interest Rate is expected tomorrow at 19:00 UTC.
2 months ago, Gold fell to a low of $1,623.3 but has since recovered 10.41%.