Bearish CME Gold currently $3.1 lower after trading as high as $1,950.4

CME Gold is down to $1,944.6 per ounce, after ending yesterday at $1,947.7. Overall, a 0.16% loss or $3.1 today.

United States Fed Chair Powell testimony is next today at 14:00 UTC.

Meanwhile, United States Building Permits (May) released yesterday at 12:30 UTC with a figure of 1.49 million, while the previous figure was 1.15 million. United States Housing Starts came out at 21.7%, better than analyst estimates of -0.8% and improving upon the previous reading of -2.9%. United States Housing Starts (May) came out at 1.63 million, while a consensus of analysts was expecting 1.4 million.

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. Analysis based on the asset volatility indicates that Gold's lower Bollinger Band® is at $1,944.54, indicating that the asset has overextended to the downside and could, therefore, bounce back as buyers look for bargains.

With market volatility ebbing, the current technical outlook indicates CME Gold will remain range-bound for the immediate future.

Taking a look at other Metals commodities, negative performances are evident as Palladium is down $25 from the beginning of the session and now trades around $1,354. Platinum is trading around $963.1 (down $8.8). Silver is down 12.9 cents from the beginning of the session and now trades around $23.11.

With markets struggling for positive sentiment, upcoming macro data could potentially attract buyers in the market as United States Initial Jobless Claims is projected to outperform its last figure with 260,000, having previously been at 262,000. The figure will be published tomorrow at 12:30 UTC.

In addition, United States Crude Oil Inventories expected to decline to 1.87 million while its preceding data was 7.92 million, data will be available tomorrow at 15:00 UTC.

Furthermore, United States Existing Home Sales (May) is expected tomorrow at 14:00 UTC.

Having soared to a high of $2,058.7 approximately a month ago, CME Gold is now trading 5.39% lower.