Gold seesawed within a narrow range on Tuesday on the back of a steady dollar, as investors waited for cues on the timing of US interest rate hike from nonfarm payroll data, due later this week.
"Gold remains range-bound within a descending triangle over the past month, with price action likely to remain fairly stable while inside this," Alex Thorndike, senior precious metals dealer with MKS PAMP Group, said in a note.
"Prices will need to either breach the next major support at $1309-11 (July lows in gold) or $1334.80 (50-day moving average) and $1355 (two-month downtrend line) to the topside to garner more interest."
Spot gold slipped 0.2 percent at $1,320.79 per ounce at 0624 GMT. The metal had recovered from a near five-week low of $1,314.70 after a dollar run lost some steam late Monday.
US gold futures was down 0.2 percent to $1,324.80.
"While we have seen some outflows from exchange-traded funds, investors are relatively happy to hold gold, considering the environment of low-interest rates and negative yield," said ANZ analyst Daniel Hynes.
Comments
Comments are closed.