Gold News

Gold steady as trader await the Dollar

Gold steady as trader await the Dollar

gold could test $900 because of its failure to rise decisively above $920 in the past weeks, analysts said

Gold was little changed on Tuesday, taking a breather a day after paring a 3 percent gain made last week on a rebound in the dollar, while declines in global stock markets underpinned its allure as a safe-haven asset.

If another sell-off hits U.S. stocks later in the day and boosts the dollar’s appeal to investors, as it did on Monday, gold could test $900 because of its failure to rise decisively above $920 in the past weeks, analysts said. “The market doesn’t have enough confidence to break this resistance” at the $918-$920 level that has been capping gold since late April, said Louis Lok, a dealer at Bank of China in Hong Kong. Gold is trading at $918 as of 9:30am, London time. Gold’s Pool-Position is 08% Long, meaning that most Finotec traders are Selling the precious metal.

Derivative and forex trading broker Finotec is a division of leading real-time Internet trading company Finotec Trading Inc, which pioneered the world of online forex trading in 1998. After launching our revolutionary forex online trading platform in 2001, we continued to improve our services and now serve clients of all sizes in many locations worldwide, offering them real-time Internet trading not only in currencies, but also in options, commodities,... More