Gold In Narrow Trading Range, Breaks Slightly To Upside

The U.S. Dollar Index mostly held above 77.5 today, and didn't fall much when below that level. After somewhat of a recovery from its early-morning slide, gold was marking time above $1,130 late morning.

The pusher-downers that normally surface mid-morning were absent. Instead, gold drifted and later rose up despite the greenback being stuck in its own trading range (although at the lower end right now.) The rise-up took the metal up above $1,138, but gold has since drifted down slightly.


Update: Not much happened subsequently. Gold's been in a tight trading range, centered at just below $1,138. At the close of regular trading spot gold hit $1,137.60. Similar calm has prevailed in the greenback market, with the U.S. Dollar Index in a tight range centered at just below 77.5.

In other words, both have found equilibriums. Real equilibriums don't last long, but gold's $1,125-$1,140 trading range - except for short-term moves - has held for almost two weeks now. It's still holding now.