Gold prices inched lower on Tuesday while silver traded higher as precious metals prices continued to consolidate after falling dramatically so far this year.
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.