Spot gold prices are trading in positive territory Thursday, with prices holding steady so far during Asian traded hours. Spot gold opened around unchanged levels with prices so far holding at lows of $1615.35 with a pick up to highs of $1623.90 observed amid a modestly improved showing from the euro across FX markets. Prices are now challenging some medium resistance seen around the $1628/32 area, with additional offers camped around $1658/62 on the upside. Support remains around $1608/12, with more sizeable bids camped around the $1598/1602 region. Prices will need to hold $1582/84 for the recent move higher to look valid going into the latter parts of the trading week. Some weak U.S. retail and inflation data, seen yesterday, has helped underpin prices, with more speculative longs adding to positions fueling an increase in expectation levels for some hints of monetary stimulus at next week’s FOMC meeting. Sizeable players in gold remain on the sidelines ahead of this weekend’s Greek elections, with trading volumes remaining below average.
EasyForexNews Research Team