The Gold futurescontract lost 0.09% on Tuesday, as it slightly extended its short-term downward correction following last week’s advance. The market has bounced off the mid-April local high. On April 14 it was the highest since November of 2012 and the daily high was at $1,788.80. Since then we’ve seen some profit-taking action and a potential downward reversal. But gold began acting as a safe haven asset again. This week gold is relatively weak.
Gold is basically going sideways since early April. It is trading above February-March local highs. So it looks like a consolidation within a medium-term uptrend. But if the price gets below $1,700 level, we could see more selling pressure.
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