Running out of gas? CME Gold down to $1,922.7 (-0.45%)

During a 5 day uptrend, CME Gold gained a total of $118.6, or 6.07%. Now turning against its recent performance, Gold is down to $1,922.7 per ounce, after ending yesterday at $1,931.3. Overall, a 0.45% loss or $8.6 today.

CME Gold is currently trading at $1,922.7 following the release of Building Permits (Feb) data from the United States.

Trend analysis indicates that investors are seeking long positions as Gold price action surged above +100 — a key CCI threshold indicating an imminent bullish trend. According to asset volatility analysis, CME Gold's upper Bollinger Band® is at $1,911.18 which indicates a further downward move may follow.

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

In the meantime, negative performances are also seen in other Metals as Palladium closed at $1,412.5 (down 2.24%). Silver is down 20.2 cents from the beginning of the session and now trades around $21.68.

CME Gold hit a significant low of $1,623.3 around 5 months ago, but has since recovered 18.97%.