Spot gold prices are trading marginally higher Thursday after posting some moderate losses during the previous session. Spot gold ended Wednesday’s session $1.95 lower at $1762.35/oz after prices tested support that had been present over the last couple of mornings around the $1758 area. Gold prices continue to take a moderate correction lower amid some continued support for the US dollar, which has been mixed in Asian trade so far this morning, but continues to gain against the euro. The dollar index pushed back above the 80 mark for the first time in a month yesterday, despite expectations that the recent wave of QE from the US Federal Reserve would drive the US dollar lower. Spot gold has edged its way back higher during Asian traded hours this morning, advancing from a session low of $1758.70/oz to an intra-day high of $1765.57. Metals desks report limited activity so far this morning, with some options gamma support working below the market around $1752 the only flows of any significance shown so far. Spot gold currently trades at $1764.20 a troy ounce, up $1.85 on the session.
EasyForexNews Research Team