Spot gold is trading at $1449.94. the ounce, on the low side of the day's range of $1440.58 to $1478.00.
Like other commodities, the precious metal has been under downward pressure on the day (squaring into Fed/ECB, weak global data). But for gold specifically, the market has gotten frustrated with a lack of topside progress. Gold topped out at $1485.50 Friday and then made lower highs Monday and earlier, arguing the case for a quick unwind of short-term gold longs.
Traders are watching to see if gold will close back above $1450, seen as an initial support level. Gold has closed above $1450 since last Thursday. The April 22 peaks around $1439 may now act as a mild support level. A move back below $1400 would target a return to the $1322.06 lows seen April 16.
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