Spot gold prices are consolidating around unchanged levels Thursday with prices a little reluctant to push on from yesterday’s strong advance observed during the U.S. session. Prices held at the Asian low of $1558.75 and began to turn higher on the European cash equity opening as stocks extended modestly from their opening gains and the euro made some modest progress after yesterday’s extension to the downside. Spot gold prices edged higher to take out the Asian high of $1565.25 to print fresh session highs of $1571.20 just short of the resistance area of $1573/75. Prices then corrected back and have generally held around the previous Asian high around the $1565 area, with the market currently trading $1565.1, up $1.70 from the NY close. Minor support remains around $1556/58 with options gamma support camped around the $1545/50 area. $1530/32 will remain the critical level on the downside, but should still remain intact ahead of tomorrow’s closely watched U.S. jobs data. Larger offers are anticipated around $1589/92 should prices progress further to the upside this afternoon.
EasyForexNews Research Team