Tentatively higher from an earlier low of $1,924, CME Gold is up to $1,946.2 per ounce today, adding $16.7, or 0.87%, to yesterday's closing price of $1,929.5.
United States ADP Nonfarm Employment Change (Jan) is next today at 13:15 UTC.
Uptick comes while some more positive signs for CME Gold are out as Consumer Confidence in United States fell short of market expectations (109) with a reading of 107.1, continuing the decline from the previous figure of 109.
Meanwhile, United States API Weekly Crude Oil Stock released yesterday at 21:30 UTC with a figure of 6.33 million, while the previous figure was 3.38 million. United States Chicago PMI (Jan) came out at 44.3, while a consensus of analysts was expecting 45.
Despite posting gains so far today, Gold slid below its 5 day Simple Moving Average at $1,931 in earlier trade — an early indicator that a negative trend could be emerging. First developed in 1978, the relative strength index (RSI) is a momentum oscillator that measures both the speed and rate of change in price movements within a market — measured as a 0-100 index. In CME Gold's case, the RSI has fallen below 30, indicating the asset is oversold. Bollinger Band® analysis indicates that current price action is approaching the upper band at $1,966, thereby suggesting that CME Gold is becoming overvalued.
Examining the technical analysis landscape, CME Gold is likely to reverse course and start pointing downward in the short term.
Meanwhile, Copper descends 1.21% to trade around $4.17. Silver withdraws 0.89% to trade around $23.62. Platinum is down to $1,015.6, losing $5.4, after closing at $1,021 in the preceding trading session.
Today's gains are adding to bullish investor sentiment as robust macro data is expected for release later today; United States Crude Oil Inventories projected to decline to 376,000 while previous data was 533,000; data will be released today at 15:30 UTC.
Also worthy of note, United States ADP Nonfarm Employment Change (Jan) is scheduled for today at 13:15 UTC. United States Interest Rate figure is projected at 4.75. It previously stood at 4.5; data will be released today at 19:00 UTC.
The commodity has been trending positively for about a month. Gold has gained 5.65% since its lowest print of $1,623.3 earlier this year.