Spot gold prices are trading in negative territory Friday taking its cue from a moderate risk-off theme observed during the Asian session this morning. Spot gold had edged its way higher during Thursday’s session to post a close at $1617.25. Prices opened in Asia this morning around unchanged levels, posting an intra-day high of $1617.95, but have slipped back sharply to lows of $1611.40 after some weak Chinese trade data upset Asian equity markets, creating a risk-off flavour for the remainder of the session. Some medium bids are seen working around $1606 this morning, with more support camped around $1598/99. Sellers remain above at $1622 and more significant selling interest is reported around $1628/30 as has been the case for most of the week. Spot gold is currently trading near the lower end of it’s range at $1612.30 a troy ounce, down $5 on the session.
EasyForexNews Research Team