Gold gains positive traction for a 4th successive day

After closing the previous trading day at $1,867.2, CME Gold is up to $1,887 per ounce, which makes for a move of 1.07%/$19.8 today.

Trend-following investors would be interested to note that the Commodity Channel Index (CCI) indicator is above +100, meaning the market price is unusually high compared to the rolling average. Asset volatility analysis shows that Bollinger Band® analysis indicates that current price action is approaching the upper band at $1,889, thereby suggesting that Gold is becoming overvalued.

Overall, while Gold has been on an uptrend, technical indicators suggest that it has no obvious direction for the immediate future.

This rally in CME Gold's price coincides with other Metals as having closed the previous session at $1,348, Palladium is up 4.44% today to currently trade at around $1,408. Having closed the previous session at $20.51, Silver is up 1.73% today to currently trade at around $20.86. Copper is up 0.79%.

Furthermore, the market is looking at United States Consumer Price Index is expected tomorrow at 12:30 UTC. United States Consumer Price Index figure is projected at 6%. It previously stood at 6.4%; data will be released 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.

CME Gold hit a significant low of $1,623.3 around 5 months ago, but has since recovered 15%.