CME Gold is down to $1,749.2 per ounce, after ending Friday at $1,754. Overall, a 0.27% loss or $4.8 today.
The MACD index is indicating that momentum is shifting from bullish to bearish following a negative crossover. When the MACD falls below the signal line, it is typically considered to be a bearish development favoring short positions.
Following today's unexpected losses, extensive multifactorial technical analysis forecasts CME Gold to buck against its prevailing uptrend and begin to dip lower in the short term. With all probabilities considered, the CME Gold is expected to attract significant bearish sentiment in the coming days.
Taking a look at other Metals commodities, negative performances are evident as Copper closed at $3.55 (down 2.25%). Silver closed at $21.2 (down 1.1%).
Positive performances can be seen by looking at other Metals markets as Palladium added 1.62% to its value, now trading at $1,851.
In addition, United States Consumer Confidence projected to decline to 100 while previous data was 102.5; data will be released tomorrow at 15:00 UTC.
Having set a significant high of $2,058.3 2 months ago, Gold is trading 8.05% lower.