Bearish CME Gold currently $4.8 lower after trading as high as $1,926

CME Gold is down to $1,919 per ounce, after ending yesterday at $1,923.8. Overall, a 0.24% loss or $4.8 today.

United States Fed Chair Powell speech is next today at 13:30 UTC.

United States Consumer Confidence beat analyst expectations of 104 and the previous reading of 102.5 with new data of 109.7. Highly important Core Durable Goods Orders data from United States beat analyst expectations of -0.1% with a reading of 0.6%.

Amid the market gloom, United States New Home Sales (May) came out at 763,000, while a consensus of analysts was expecting 675,000.

Trend and momentum analysis indicates 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 Gold's lower Bollinger Band® is at $1,913.7, 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 closed at $1,269.5 (down 1.9%). Platinum is trading around $925.2 (down $8.8). Silver closed at $22.81 (down 0.65%).

Looking ahead, ongoing depreciation may be prolonged as United States Crude Oil Inventories is projected to outperform its last figure with -1.76 million. It previously stood at -3.83 million; data will be released today at 14:30 UTC.

Some optimism can drawn from the fact that tomorrow at 12:30 UTC data for United States GDP will be released, with an expected decline to 1.4 from the preceding figure of 2.6. United States Initial Jobless Claims projected to come out at 266,000 — worse than previous data of 264,000; data will be released tomorrow at 12:30 UTC.

Over the past a month, CME Gold has retreated 6.55% from a noteworthy peak of $2,058.7.