Spot gold prices remain at around unchanged levels Tuesday and have been subject to a limited range so far today. Prices held just
ahead of moderate support when they slipped to session lows of $1581.63 ahead of the European cash equity opening, just ahead of some minor support around $1580.10. Spot gold prices then recovered to trade to session highs of $1587.55 but price has yet to breach the resistance band that continues to lurk around the $1587/89 area. Prices then pared back to hold around the original Asian low of $1582.2 and are now currently trading $1585.20, up a fraction from the NY close. Haven flows have been on a limited basis so far, with no sign yet of yesterday’s moderate break to the upside extending to any higher levels. Some buy stops, which were working above $1600/05 yesterday, have now been rolled down to the $1598/$1602 region, with heavier resistance remaining present above at $1618/20. Some medium sell stops remain around the $1566/69 region, just below more significant bids camped in at $1571/72. Price action has been stable despite below average market depth so far.
EasyForexNews Research Team