Spot gold prices edged lower yesterday after the long Christmas break with the market opening yesterday morning at $1602.50 in Asia and after a brief high of $1608.20 slipped back to $1589.75 before closing the day around $1593. A sharp rise in US crude oil prices on nervousness over Iran’s threats to block the Straits of Hormuz in response to possible western sanctions, failed to add any support to the metal. Asian markets this morning have seen a further slip to $1586.45 before sitting around $1589 ahead of the European open. Support today is at $1583 and $1560.50 with resistance at $1601 and $1614.
EasyForexNews Research Team