Spot gold prices are trading marginally higher Monday after closing the previous session around unchanged levels. Spot gold ended Friday’s session $0.90 lower at $1711.20/oz. Gold prices have edged higher this morning after data showed retail sales in Japan increased by less than forecast last month, boosting speculation that the BOJ will expand monetary stimulus. Spot gold prices are likely to spend the week trading on a range bound basis ahead of this Friday’s US payrolls report which will likely set the tone for bullion in the shorter term. Metals brokers report some light support at $1703/04 with larger buying interest seen around $1692. Sell stops are noted around $1690. Medium offers are seen working above around $1723/24. Spot gold prices advanced from lows of $1710.25, during Asian traded hours this morning, to a session high of $1717.30, with the market now edging back lower to currently trade at $1713.40/oz, up $2.20 on the session.
EasyForexNews Research Team