Spot gold prices are trading modestly higher Tuesday as the market attempts to hold near multi-month highs ahead of this week’s FOMC meeting. Spot gold ended Monday’s session $9.40 lower at $1726.25 a troy ounce, as some market participants reduced exposure ahead of this week’s FOMC meeting after Friday’s strong run saw the precious metal print $1741.70/oz. Gold prices continue to hold just above support at $1720/22 that was present during the morning of yesterday’s session, after levels corrected back lower late on during US trading hours. Buy orders managed to contain price just ahead of support at $1725, with the Asian low of $1725.40 holding so far this morning. Since then, spot gold has edged its way back higher to trade up to an intra-day high of $1732.60. Brokers report limited activity this morning, with some medium offers reported above around $1740/42. Spot gold is currently trading $1730.20 a troy ounce, up $4 on the session.
EasyForexNews Research Team