Spot gold prices are trading lower Friday after staging a modest recovery during the previous session. Spot gold ended Thursday’s session $10.15 higher at $1712.10/oz after prices stalled around $1718/oz ahead of resistance that had been present around $1721/22 for much of the day. Gold prices have been in a steady decline for the second half of the Asian session this morning, with a risk off theme building as we go into the European opening, with European bourses due to open lower and some extended moves lower observed in oil markets. A strong showing from the US dollar is also hampering bullion prices, with FX pair euro-dollar showing some weakness early on. Spot gold has fallen back from a session high of $1715/oz to now trade near its intra-day lows at $1701.70/oz, down $10.40 on the session. Support is anticipated at $1692/93 with sell stops present around a breach of $1690/oz. Offers remain above the market around $1721/22 with light offers also present around $1712/oz.
EasyForexNews Research Team