NEW YORK (
were slipping Monday after hitting a one-month high.
Gold for April delivery was down $6.10 to $1,116 an ounce at the Comex division of the New York Mercantile Exchange. Gold has traded as high as $1,131.50 and as low as $1,110 Monday. The
was rising 0.04% to $80.59.
Gold Trades Sideways
Risk appetite returned briefly on Monday driving gold past the $1,125 resistance level as a smaller than expected rise in January
helped curb inflation fears. However, weaker-than-expected first-quarter guidance from Lowe's
of a protracted economic recovery and traders sold out of riskier commodities.
Many analysts believe that gold prices still have to settle above the $1,125-an-ounce resistance area for several trading days in order for gold to edge higher. Analysts also will be looking to the U.S. dollar and China for direction. Chinese markets had been closed last week for the Lunar New Year celebration, which is historically a catalyst for gold buying. Any sign of weakening demand for physical gold along with further monetary tightening could weigh on prices for the short term.
"After a nice run-up, gold is simply digesting its move," says George Gero, vice president of global futures at RBC Capital Markets. "
Prices are just going up and down and sideways with the dollar for the most part. ... I'm looking for
a technical breakout at $1,150."
were slipping 15 cents to $16.25 while copper was down 5 cents to $3.30.
Mining stocks, a more leveraged way to
, were mixed.
was down 1.96% to $38.60. Other large-cap miners
were slipping to $47.92 and $38.13, respectively.
was falling 0.59% to $18.40.
Freeport McMoRan Copper & Gold
were flat at $77.11 while
was down 0.57% at $10.52.
Shares of the popular physically backed ETF
SPDR Gold Shares
were flat at $109.27. The ETF shed 1.83 tons on Friday as some investors sold out of their precious metal positions headed into the weekend.
Written by Alix Steel in New York
Alix joined TheStreet.com TV in February 2007. Previously, she held positions in film and theater production, management, and legal administration. Alix has a degree in communications and theater from Northwestern University.