2010-12-22

Gold appears to be stuck in the doldrums for the moment

Gold appears to be stuck in the doldrums for the moment, with yesterday’s lethargic and sideways trading continuing into Tuesday. Gold is drifting sideways heading into Tuesday afternoon, trading in a narrow range and on the back of thin volumes.

Key resistance at $1,390 is proving to be a fairly solid barrier for the moment, with the metal lacking the momentum, and the market lacking the conviction to push prices significantly higher.
With little in the way of economic data this afternoon, direction will likely come from the equity markets, the dollar and from technical trading signals. The holiday period will result in thinner trading conditions over the coming weeks, suggesting the market will likely veer from long periods of incredibly dull trading, to bursts of activity and volatile price movement as sporadic business gets done.

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