Spot gold prices are trading around unchanged levels so far Tuesday, with the market so far in consolidation mode after Monday’s session saw prices advance to the upside after being range ridden for much of the session. Prices have held steady in Asia this morning after a moderate dip back to session lows of $1582.25 after opening slightly firmer to post an intra-day high of $1587.55. Gold prices eventually made a break to the upside yesterday afternoon after the precious metal came in for some haven support ahead of this week’s EU summit, with some market participants taking back shorts in anticipation of today options expiry. Some margin calls on options books have helped pulled gold futures prices higher along with some more weak U.S. data pointing towards weaker growth. Some resistance is still observed around the $1588 area and also above at $1596. Moderate bids are showing at $1580, with larger bids camped around the $1570/72 area. Spot gold is currently trading $1584.40, unchanged from the NY close.
EasyForexNews Research Team