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Gold prices inched lower on Tuesday while silver traded higher as precious metals prices continued to consolidate after falling dramatically so far this year.
Price action
-
Gold prices
GC00,
-0.02% GCQ22,
-0.02%
for August delivery lost $2.60, or 0.2%, to $1,716. -
Silver prices
SIU22,
+1.02% SI00,
+1.02%
for September delivery advanced 37 cents, or 0.4%, to $18.40. -
September palladium prices
PAU22,
-1.25%
were off $14.50, or 0.1%, to $1,988 per ounce, while platinum prices for October
PLV22,
-0.01%
were down $1.60, or 0.2%, to $867.60. -
Copper prices
HGU22,
+1.59%
gained 8 cents, or 2.3%, to $3.430.
What analysts are saying
Gold pulled back as the U.S. dollar retakes some of the ground it lost last week. The ICE U.S. Dollar Index was up 0.6% at 107.10 in recent trade.
According to Jeffrey Halley, a senior market analyst at OANDA, the technical setup underpinning the gold market doesn’t look very encouraging.
“Gold needs to overcome heavy resistance at the $1745.00 an ounce triple top before the gold bugs can really start to get excited. It has support at $1680.00, and then the longer-term support around $1675.00 an ounce zone,” Halley wrote in a note sent to MarketWatch Tuesday morning.
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