After five days of going up, CME Gold went down $2.7 yesterday and closed at $2,023.7, indicating a potential change of course

Yesterday at a glance: down on the day: CME Gold closed at $2,023.7 per ounce after ranging between $2,016.5 and $2,037.7.

United States Unemployment Rate beat analyst expectations of 3.6 and the previous reading of 3.6 with new data of 3.5.

Nonetheless, encouraging indicators for Gold published earlier when following a previous reading of 326,000, Non Farm Payrolls in United States released today at 12:30 UTC fell short of the 239,000 figure expected by analysts with an actual reading of 236,000. United States Initial Jobless Claims fell short of the 200,000 projections, with new data of 228,000.

Chart analysis suggests although Gold is down today and was as low as $2,016.5, it seems to be recovering slightly and climbing away from the $2,013.23 support line and is now $10.47 above it. Trend analysis indicates that CME Gold made an initial break below its 3 day Simple Moving Average at $2,025.73, a possible indication of a forthcoming negative trend. Momentum evaluation shows that the Relative Strength Index indicates CME Gold is in an overbought condition.

All in all, the technical analysis suggests CME Gold has no clear-cut direction.

The commodity has been trending positively for about 28 days. Approximately 3 days ago, Gold reached a significant high of $2,039.4 but has struggled to hold onto its gains and declined 0.64% since then.