While Gold is in the midst of a 5 day up trend, Bucking the trend and turning lower, CME Gold is down to $1,973.3 per ounce, after ending yesterday at $1,982.8. Overall, a 0.48% loss or $9.5 today.
Trend and momentum analysis indicates that investors are seeking long positions as Gold price action surged above +100 — a key CCI threshold indicating an imminent bullish trend. According to momentum evaluation, 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. Asset volatility analysis shows that Gold's upper Bollinger Band® is at $1,928 which indicates a further downward move may follow.
Notwithstanding Gold's appreciation in recent days, the technical outlook suggests its bullish run is now fading.
In the meantime, negative performances are also seen in other Metals as Platinum is down to $986.7, losing $10.7, after closing at $997.4 in the preceding trading session.
Though Gold has been dropping, other Metals have been performing better: Copper goes up 1.61% to trade around $4.