Gold continues to struggle for any sustained direction
Gold continues to struggle for any sustained direction. It had looked mid-last week that the bulls were beginning to flex their muscles again. A breach of the two month downtrend was seen, but resistance at $1933 (the October high) proved too much. The market has since been dragged back to the six month uptrend support. The bulls will point to the uptrend still holding, but the apex of the two old trendlines has now been reached, without any real breakout. So both trends could easily now be broken simply by the market consolidating sideways (as it has done now for over three weeks).
Gold Price Analysis: XAU/USD ticks up to $1,910 and turns positive on the day
Gold futures have found support right below the $1,900 area earlier today before inching up to $1,910, turning positive on daily charts. The precious metal lost ground, with the US dollar building up during the European session on Tuesday, to appreciate during the North American session with market sentiment improving moderately.