The precious metal is staying poised in trading today despite the dollar also sitting higher on the session. After hitting record highs last week, gold buyers have found it a bit tough to contest the $2,200 mark again so far. But we’re getting another run at that key level again at the moment.
If it breaks, expect that to potentially lead to a quick shoot higher for gold. I would argue that the onus is on sellers to keep price down, especially since gold is staying bid despite the dollar’s strength on the day.
Update (1025 GMT): Well, that was quick. Gold now threatens that particular break in a quick jump to $2,206 at the moment.
This article was written by Justin Low at www.forexlive.com.