Metals in focus as bullish CME Gold posts 0.34% gain

Yesterday at a glance: CME Gold closed yesterday at $1,930.3 per ounce (with a daily low of $1,919.5) after ending Thursday at $1,923.7 and gaining 0.34%.

At the same time, United States Services PMI released yesterday at 13:45 UTC with a figure of 54.1, while the previous figure was 54.9. United States CFTC Crude Oil speculative net positions released yesterday at 20:30 UTC with a figure of 166,500, while the previous figure was 155,100. United States CFTC Gold speculative net positions released yesterday at 20:30 UTC with a figure of 163,000, while the previous figure was 160,200.

Gold made an initial breakout above its 3 day Simple Moving Average at $1,939, a potential indicator of a newly emerging bullish phase. CME Gold's lower Bollinger Band® is at $1,927, indicating that the market is oversold and fertile for new buyers. Despite this, although Gold is appreciating today after rising as high as $1,949, price action is now slowing and consolidating around $15.53 below the $1,945.83 resistance level.

CME Gold continues to move higher with technical analysis indicating the trend will continue in the short term.

Though CME Gold is going up, other Metals are underperforming — Copper falls 2.13% yesterday and closed at $3.89. Platinum is down to $925, losing $4.1, after ending the previous session around $929.1.

A month ago Gold reached a significant high of $2,058.7 but has consequently lost 6.56% since then.