A quick look at yesterday: CME Gold closed yesterday at $1,872.7 per ounce (with a daily low of $1,830) after ending Thursday at $1,834.6 and gaining 2.08%.
Gold upside coincides with further encouraging market factors as following a previous reading of 3.4, Unemployment Rate in United States released yesterday at 13:30 UTC fell short of the 3.4 figure expected by analysts with an actual reading of 3.6.
Nevertheless, data from United States concerning Non Farm Payrolls was released yesterday at 13:30 UTC. Newly published figures emphasized continued decline from last month's figure of 504,000 to 311,000 this month.
At the same time, United States CFTC Gold speculative net positions released yesterday at 20:30 UTC with a figure of 107,100, while the previous figure was 128,800.
Gold made an initial breakout above its 50 day Simple Moving Average at $1,872.39, a potential indicator of a newly emerging bullish phase. Crossed the $1,860 Fibonacci level, next level is at $1,875.44. On the other hand, note that CME Gold could be slowing down soon as it approaches resistance at $1,887.67. Of course, crossing it might suggest further gains are ahead. Gold's upper Bollinger Band® is at $1,877.8, 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.
This rally in CME Gold's price coincides with other Metals as Silver went up by 2.18% yesterday, and closed at $20.61. Platinum is trading around $963.2 after ending yesterday's session at $949.3 (up 1.46% today).
While CME Gold is appreciating, other Metals are comparatively not doing so well — Copper stumbles 0.79% yesterday and closed at $4.04.
Having set a significant low of $1,623.3 5 months ago, Gold is trading 13% higher.