AP: Commodities: Gold sideways, tone neutral/bearish
FXstreet.com (London) - Gold and Oil, the two major currency-linked commodities have traded narrow ranges in the paste few hours trade. A stronger Greenback has weighed on the commodities sector as a whole. The move away from risk in the current climate has had adverse effects on riskier markets including commodities and stocks.
Gold bullion is trading sideways for now but the general tone is bearish. This can be seen in the number of failed rebounds for the precious metal in previous trade. Gold currently trades at 1092.55 and remains bounded between 1090.25 and 1094.25. Ashraf Laidi, technical contributor, points out some interesting components and indicators for consideration with the gold price, particularly in relation to the Euro.
