During a 4 day uptrend, Gold gained a total of $88.7, or 5%. Bucking the trend and turning lower, CME Gold remains constrained within a $1,705 to $1,725.8 range and is currently trading around the $1,708.4 per ounce level.
New United States Crude Oil Inventories improved upon the previous -3.12 million figure while also exceeding analyst expectations with a reading of 3.92 million.
United States Crude Oil Inventories beat analyst expectations of 1.36 million and the previous reading of -3.12 million with new data of 3.92 million.
Meanwhile, United States 10-Year Note Auction released today at 18:00 UTC with a figure of 4.14, while the previous figure was 3.93. United States Cushing Crude Oil Inventories came out at -923,000.
Trend-focused traders would be interested to note that the Commodity Channel Index (CCI) indicator is above +100, meaning the market price is unusually high compared to the rolling average. According to asset volatility analysis, CME Gold's upper Bollinger Band® is at $1,701.5 which indicates a further downward move may follow. As the trading day comes to an end, chart analysis indicates Gold could begin to recover as it approaches significant support, now $2.23 away from $1,706.17. Dipping below could be an indication that further losses are ahead.
Notwithstanding CME 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 after ending yesterday's session at $21.5, Silver lost 40.2 cents and is trading around $21.1. Palladium is down to $1,867, losing $65.6, after closing at $1,932.6 in the preceding trading session.
Furthermore, United States Consumer Price Index figure is projected at 0.6%. It previously stood at 0.4%; data will be released tomorrow at 13:30 UTC. United States Core Consumer Prices figure is projected at 0.5%. It previously stood at 0.6%; data will be released tomorrow at 13:30 UTC. United States Consumer Price Index figure is projected at 8%. It previously stood at 8.2%; data will be released tomorrow at 13:30 UTC.
CME Gold is up 5.71% from the significant low of $1,623.3 it hit a month ago.