After ending the previous trading day at $2,033.2, CME Gold went up to $2,045 only to drop back; still positive overall today, now trading at $2,041.8 per ounce.

CME Gold is currently trading at $2,041.8 following the release of EIA Short-Term Energy Outlook data from the United States.

Meanwhile, United States API Weekly Crude Oil Stock came out at 3.62 million, while a consensus of analysts was expecting -1.6 million. United States 3-Year Note Auction released today at 17:00 UTC with a figure of 3.695, while the previous figure was 3.81.

Gold made an initial breakout above its 5 day Simple Moving Average at $2,037, a potential indicator of a newly emerging bullish phase. CME Gold formed a session range of $2,026.4 to $2,045 leaving buyers and sellers highly concentrated around an active Fibonacci resistance level of $2,039.4. On the other hand, note that CME Gold's upper Bollinger Band® is at $2,052.35, this is a slight indication of a slowdown. Gold could be slowing down soon as it approaches resistance at $2,036. Of course, crossing it might suggest further gains are ahead.

Overall, looking at the technical analysis landscape, it seems Gold likely to continue pointing upward in the short term.

A look at other Metals also shows upside as Platinum gained 2.54% and is now trading at $1,115.3.

While CME Gold is higher so far today, these Metals commodities are underperforming: Copper decreases 0.64% to trade around $3.9.

Today's gains are adding to bullish investor sentiment as robust macro data is expected for release later today; tomorrow at 14:30 UTC data for United States Crude Oil Inventories will be released, with an expected decline to -1.6 million from the preceding figure of -1.28 million.

Also worthy of note, United States Consumer Price Index is expected tomorrow at 12:30 UTC. United States Core Consumer Prices figure is projected at 0.4%. It previously stood at 0.4%; data will be released tomorrow at 12:30 UTC.

Over the past 5 days, Gold has retreated 1.24% from a noteworthy peak of $2,058.7.