CME Gold trades at $1,635 per ounce, after ending yesterday at $1,634.2.
United States Philadelphia Fed Manufacturing Index (Oct) is next.
This uncertain state for CME Gold is reflected by published market data as following a previous reading of 9.88 million, Crude Oil Inventories in United States released yesterday at 14:30 UTC fell short of the 1.38 million figure expected by analysts with an actual reading of -1.73 million. United States Building Permits (Sep) released yesterday at 12:30 UTC with a figure of 1.56 million, while the previous figure was 1.54 million. Fresh 20-Year Bond Auction data from United States came out at 4.395.
Trend analysis indicates that the Commodity Channel Index (CCI) indicator is below -100, meaning the market price is unusually low and below its rolling moving average. Technical analysis indicates that a new, strong downtrend could be forthcoming with short positions favored. According to asset volatility analysis, Gold's upper Bollinger band is at $1,720.38 and the lower is $1,613.48.
With market volatility ebbing, the current technical outlook indicates Gold will remain range-bound for the immediate future.
Meanwhile, mixed performances are seen in other Metals as Platinum slides down 1.1% to trade around $881.7. Copper is up 1.13%.
Furthermore, the market is looking at United States Philadelphia Fed Manufacturing Index (Oct) scheduled to come out today at 12:30 UTC. United States Existing Home Sales (Sep) is expected today at 14:00 UTC. Today at 12:30 UTC data for United States Initial Jobless Claims will be released, with an expected decline to 230,000 from the preceding figure of 228,000.
7 months ago CME Gold reached a significant high of $2,058.3 but has consequently lost 20.6% since then.