Gold rebound pauses after snapping five-week losing streak

Gold edges lower for second day as dollar rebound constrains gains

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

Price action
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.

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