The gold price traded within a tight intraday range on Tuesday afternoon, as the dollar held its ground and shackled any gains for the yellow metal throughout the day.
Spot gold was last unchanged at $1,154.90/1,155.70, trading within a $12 intraday range as the dollar held around 1.2420 against the euro.
“Gold is now consolidating around its major 61.8% Fibo retracement on price indecision, while it looks for direction,” FastMarkets analyst Tom Moore said. “Another bout of rising dollar strength would be the catalyst required to trigger a renewed downside break – we would then look for the yellow metal to re-test support from the October low at $1,131, with eyes on the psychologically important $1,100 level.”
With the US off today to observe its Veterans Day holiday and a quiet day for data announcements, there was little volatility in the market during the session.
Equities, which dominated the markets in the previous session, were generally trading negatively in afternoon London trading – the Dow was down 0.07 percent, S&P down 0.11 percent and the NASDAQ by 0.24 percent.
In data already today, the Japanese consumer confidence figures disappointed at 38.9 as did the Economy watchers sentiment release, while preliminary machine tool orders came in at forecast.
In the other metals, silver also remained range-bound, last seen at $15.55/15.60 down six cents for the day, while palladium at $760/766 was unchanged, as was platinum at $1,196/1,201 per ounce.
(Editing by Martin Hayes)
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