After three days of declines, CME Copper is up 2.75 cents today

Tentatively higher from an earlier low of $3.55, CME Copper is up to $3.59 per pound today, adding 2.75 cents, or 0.77%, to yesterday's closing price of $3.56.

United States Pending Home Sales didn't cause a noticeable effect even though it falls short expectations with 0%.

Uptick comes while some more positive signs for CME Copper are out as highly important GDP data from United States beat analyst expectations of 1.1 with a reading of 1.3. Highly important Initial Jobless Claims data from United States beat analyst expectations of 250,000 with a reading of 229,000.

On the flip side, United States Pending Home Sales released earlier showed a marked improvement to 0% from the preceding data of -5.2%, but fell short of the 0.5% figure forecast by a consensus of market analysts.

Technical analysis shows that although Copper is appreciating today after rising as high as $3.6, price action is now slowing and consolidating around 4 cents below the $3.63 resistance level. Trend-focused traders would be interested to note 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. Asset volatility analysis shows that CME Copper's lower Bollinger Band® is at $3.55, indicating that the market is oversold and fertile for new buyers.

Overall, the technical outlook suggests the Copper future is likely to remain muted for the immediate future, with no clear-cut direction.

At the same time, Gold is trading around $1,948 (down $16.6). Silver closed at $23.09 (down 0.62%).

Also worthy of note, United States Core Durable Goods Orders expected to decline to 0% while its preceding data was 0.2%, data will be available tomorrow at 12:30 UTC.

Furthermore, the market is looking at United States Core PCE Price Index (MoM) (Apr) scheduled to come out tomorrow at 12:30 UTC.

The commodity has been trending lower for about a month. CME Copper has shed 9.93% over the past three months.