Slow down? Following a four day winning streak, Gold faltered yesterday; now hovering around $1,970.7

A quick look at yesterday: without a clear direction, Gold closed at $1,970.7 per ounce while ranging between $1,965.4 and $1,980.4.

This uncertain state for Gold is reflected by published market data as United States CFTC Nasdaq 100 speculative net positions released yesterday at 20:30 UTC with a figure of 15,700, while the previous figure was 8,800. Fresh CFTC S&P 500 speculative net positions data from United States came out at -331,400. United States CFTC Crude Oil speculative net positions released yesterday at 20:30 UTC with a figure of 155,100, while the previous figure was 172,400.

Gold made an initial break below its 21 day Simple Moving Average at $1,968.38, a possible indication of a forthcoming negative trend. Gold's upper Bollinger Band® is at $1,991.56, suggesting that a downward move may follow. Despite this, Gold is approaching key support, around $8.23 away from $1,962.47. Dipping below could indicate further losses are ahead while a failure to break below this level is likely to be seen positively by market bulls.

Despite the market lacking direction, technical chart analysis strongly suggests CME Gold is positioned for a downward move in the near term.

While Gold was pretty flat yesterday, mixed performances were seen elsewhere as notably, Silver rose 1.35% yesterday and closed at $23.95. Copper is down to $3.88, losing 2.15 cents, after ending the previous session around $3.9. Palladium is trading around $1,411 after ending yesterday's session at $1,397.3 (up 0.98% today).

Having set a significant high of $2,058.7 a month ago, CME Gold is trading 4.27% lower.