Spot gold prices have edged their way into negative territory Tuesday remaining in a narrow trading range during Asian traded hours. Gold prices eventually tried to break to the upside during Monday’s session, but were met with sellers camped in the resistance band of
$1592/94. Prices backed off quite sharply after failing around $1593 and have been capped at highs of $1589.75 in Asia this morning, with the market extending down to session lows of $1584.57 so far. Sentiment in the precious metal remains on the fragile side as the USD remains the desired haven destination, although gold prices have held reasonably well amid further declines seen in FX pair EUR/USD, which currently remains pinned in below $1.2300. Hedge funds continue to remain absent from the market as volatility in the precious metal continues to decline, whilst market participants now await more US data to throw some fresh light on any potential monetary policy easing from the Federal Reserve. Resistance remains around $1594, with moderate support seen at $1580/82.
EasyForexNews Research Team