Spot gold prices are trading marginally higher Tuesday after moderately regaining some ground during the previous session. Spot gold ended Monday’s session $6.90 higher at $1685/oz as prices tentatively edged their way back after Friday’s steep declines, which saw gold fall to $1673.94/oz. Gold prices briefly breached Friday’s low during Monday’s session but prices managed to reverse back higher from lows of $1672.24/oz. The majority of gold clients remain absent from the market ahead of uncertainty surrounding the results of the US presidential election. Spot gold prices have been pinned in a narrow trading range so far this morning, edging their way back from an intra-day low of $1683.75 to a session high of $1687.20/oz. Metals brokers report hardly any activity so far this morning, with some bids working below the market around $1661/62 via some short covering accounts. Short-term resistance is anticipated around $1693 and $1700. Spot gold now trades at $1686.70 a troy ounce, up $1.70 on the session.
EasyForexNews Research Team