CME Gold slides down from $1,874.5 to $1,862.8 per ounce today, losing $11.7 (0.62%).
After reaching the $1,866 support zone, Gold bounced and climbed $3.23 above it. Despite being in the red so far in the current trading session, CME Gold peaked above its 5 day Simple Moving Average around $1,875.76 — typically an early indicator of a new bullish trend beginning to emerge. Gold's lower Bollinger Band® is at $1,848.83, indicating that the asset has overextended to the downside and could, therefore, bounce back as buyers look for bargains.
Overall, looking at the technical analysis landscape, although technical indicators are mixed and pointing in different directions, it seems CME Gold is set to appreciate despite today's setback.
Positive performances can be seen by looking at other Metals markets as Copper is up 1.13%. Platinum gained 0.95% and is currently trading at $960.8. Palladium ascends 1.45% to trade around $1,547.
Furthermore, United States Consumer Price Index is expected tomorrow at 13:30 UTC. United States Consumer Price Index is expected tomorrow at 13:30 UTC. United States Core Consumer Prices figure is projected at 0.4%. It previously stood at 0.4%; data will be released tomorrow at 13:30 UTC.
After hitting an important low of $1,623.3 approximately 4 months ago, CME Gold has bounced back 15.47% since.