Spot gold prices are trading lower Tuesday after posting some slim gains during the previous day. Spot gold ended Monday’s session $1.20 higher at $1716/oz with prices tied to a fairly narrow range for much of the session. Gold prices have finally fallen back this morning during the latter part of the Asian session, with some stop loss selling entering the market after prices breached $1710/oz and also $1705/oz. Thin market conditions saw gold prices extend lower to an intra-day low of $1696.78, not helped by the second wave of stops that were tripped through the break of $1705/oz, with some market participants on the sidelines ahead of the European opening. Support for the precious metal is anticipated at around $1692/oz after this morning’s technical break lower. Spot gold prices have stabilised a little after printing session lows, helped by FX pair euro-dollar which continues to challenge the $1.3065 area. Spot gold has edged back to now trade at $1704.50/oz, but remains down $11.50 on the session.
EasyForexNews Research Team