Spot gold prices are trading modestly lower Tuesday after prices failed to breach some minor resistance around $1580 early on during the Asian session. Spot gold traded up to just over $1579 before prices fell back to session lows of around $1571.70 as risk assets became subject of some selling pressure in Asia, thought to be coming from Japanese accounts. Gold fell to session lows, in tandem with a weak euro which registered a near two month low against the USD. Spot gold prices have since edged their back to recover to now trade $1576.30 a troy ounce, down $4.60 from the NY close. Minor support remains around $1572, with medium bids in below at $1564. A successful move above $1580 should see prices test the next resistance band around $1589.
EasyForexNews Research Team