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.