Spot gold prices are trading around unchanged levels Tuesday as prices attempt to clear a medium resistance band currently camped around the $1612/14 area. The yellow metal is likely to remain trading on a tight range bound basis ahead of Chinese trade data due later in the week, where China is expected to release its inflation, industrial output and trade data for July. Spot gold held at session lows of $1609.05 before edging higher to session highs of $1613.06 amid quiet trade, where volumes have been extremely light so far. The main area of support remains around $1592 with some light bids currently working on the approach around $1598/99. Some major resistance still lurks above the market around $1628/30 should a fresh catalyst appear to send prices higher. Spot gold is currently trading $1610.10, down a fraction from its previous settlement of $1610.68.
EasyForexNews Research Team