Spot gold prices are trading moderately higher Tuesday, in consolidation mode after correcting lower during the previous session. Spot gold prices ended Monday’s session lower, falling $10.40 to post a close of $1609.75 a troy ounce. Spot gold failed to challenge resistance levels lurking above around $1628/30, topping out on the approach around $1626. Prices then fell away more sharply after the European equity markets closed, trading back down to around $1607.5, just ahead of some moderate support working around $1606. Gold has held at lows of $1609.45 during Asian traded hours this morning, and have since tentatively edged their way higher to intra-day highs of $1613.70. Market participants will likely pay more attention to July US retail sales and consumer prices data, due later today at 1230GMT. Spot gold is currently trading $1611.70 a troy ounce, up $2 on the session.
EasyForexNews Research Team