A slow down? After three days of going up, Gold is flat today, hovering around $1,980.

Without a clear-cut direction, CME Gold is trading around $1,980 per ounce and ranging between $1,978.7 and $1,982.7.

Uncertainty around Gold is reflected by published market data as United States API Weekly Crude Oil Stock released yesterday at 20:30 UTC with a figure of -1.71 million, while the previous figure was 5.20 million.

Gold's upper Bollinger Band® is at $1,999.67, suggesting that a downward move may follow. In contrast, Gold is approaching key support, around $7.97 away from $1,972. Dipping below could indicate further losses are ahead while a failure to break below this level is likely to be seen positively by market bulls.

Despite the market lacking direction, technical chart analysis strongly suggests Gold is positioned for a downward move in the near term.

Furthermore, the market is looking at as things stand, upcoming United States Crude Oil Inventories data is projected to fall short of market expectations with newly published data of 1.15 million, following on from the preceding figure of 4.49 million. New data is set to be published today at 14:30 UTC. United States Initial Jobless Claims projected to decline to 238,000 while previous data was 232,000; data will be released tomorrow at 12:30 UTC.

Having set a significant high of $2,058.7 a month ago, CME Gold is trading 3.75% lower.