Spot gold prices are trading around unchanged levels Friday and are on course to post a weekly loss of around 0.5%. Prices continue to trade on a range bound basis amid continued uncertainty surrounding the US Federal Reserve’s stance on whether they will unleash a fresh wave of quantitative easing (QE) on the market. Gold prices continue to drift around aimlessly, lacking any real direction. Prices did test the $1592 level on the upside during Thursday’s session, a level where some reported sellers were gathered which was mentioned in MNI’s morning report yesterday, but prices quickly reversed back from this level and eventually made fresh session lows of around $1576.70 a troy ounce. Spot gold edged its way back to highs of $1585.25 in Asian traded hours this morning before prices fell back to session lows of $1580.05. The limited range of gold has seen volumes reduce somewhat, with the precious metal currently not attracting many large positions due to extended bouts of low volatility. Traders tell MNI of limited activity this morning, with some bids around $1552 the only thing of note so far.
EasyForexNews Research Team