MTECHTIPS;-Gold risesonelevatedEurope concerns
Gold futures are trading higher during Tuesday’s other European Union summit later this week. On the CEMEX division of the New York Mercantile Exchange, gold for April delivery rose 0.11% to USD1,579.80 per troy ounce in Asian trading Tuesday after gaining 0.11% to settle at USD1,578.60 a troy ounce in U.S. trading on Monday. Gold futures were likely to test support USD1,560.60 a troy ounce, Friday’s low, and resistance at USD1,1584.80, Thursday’s high.
Gold has now advanced for three consecutive days, the yellow metal’s best winning streak of 2013. The gains come as some traders appear to embracing gold’s safe-haven status, something that has plagued the yellow for much of this year as U.S. equities have surged. Last week, Fitch Ratings lowered Italy’s credit rating by one level, reminding market participants that all is not well in Europe’s third-largest economy. With political gridlock there expected in the near-term, some investors fear recently implemented Italian austerity measures could be threatened. In turn, that would hamper the euro and perhaps bolster the allure of gold as a safe-haven play. Later this week, traders will be watching the EU summit in Brussels at which policymakers are expected to discuss a possible bailout of ailing Cyprus. If that country does require bailout assistance, it will be the fifth time since 2009 an EU member nation has been bailed out. Meanwhile, some traders appear to be viewing gold’s latest tumble as a case of too much too soon. Down about 5.6% year-to-date, gold’s 12-year Bull Run has been seen as threatened, but some traders are using the recent pullback as a buying opportunity. Gold has long-term support at USD1,550 and USD1,500 per ounce. A violation of those levels would likely imperil the metal’s Bull Run.
Elsewhere, Comex silver for May delivery jumped 0.46% to USD28.987 per ounce while copper for May delivery added rose 0.17% to USD3.525 per ounce.
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