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Gold Prices Regain $1,150

The gold price was slipping on profit-taking and a stronger U.S. dollar, but gold managed to break $1,150 to the upside.
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Gold prices

Tuesday were slipping as investors took profits after the gold price hit a new 2010 high.

Gold for June delivery was falling $9.30 to $1,152.90 an ounce at the Comex division of the New York Mercantile Exchange. The gold price Tuesday has traded as high as $1,158.10 and as low as $1,145.40. The

U.S. dollar

index was adding 0.01% to $80.58. The


was slightly lower against the U.S. currency despite a successful Greece bond auction. The spot gold price was slipping over $3, according to Kitco's gold index.

How Gold Could Break $1,200

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gold price settled

at $1,162.20 an ounce on Monday, which was a key resistance area investors were watching, and the run-up triggered light profit-taking. Many analysts expect a mild short-term consolidation but that over the long term gold's three-day breakout above $1,150 will trigger momentum buying and a price push to $1,200 an ounce. The gold price will continue to look to the U.S. and the euro for short-term direction.

"We are setting up for another retest of $1,200 an ounce, but I think we're still waiting for a little more confirmation," said Brian Hicks, co-manager of the U.S. Global Investors Global Resources Fund. "Mainly the gold equities haven't cleared their Jan. 11 high, and if they're able to that, which is another 5% or so, I think we'll get some confirmation that we can retest the prior high for gold."

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price of silver

was losing 31 cents to $18.09 while

copper prices

were up 2 cents $3.59 after hitting a 20-month high on Monday.

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Mining stocks, a more leveraged way to

invest in gold

, were struggling after


(AA) - Get Alcoa Corporation Report

kicked off earnings season with a thud.

Barrick Gold


was down 1.57% to $40.12 while

Newmont Mining

(NEM) - Get Newmont Corporation Report

was trading slightly lower at $53.09. Other large-cap miners

Kinross Gold

(KGC) - Get Kinross Gold Corporation Report




were at $18.12 and $39.47, respectively.

Shares of

Gold Fields

(GFI) - Get Gold Fields Ltd. Report

were slipping 1.92% to $12.79 despite receiving an upgrade from

RBC Capital

to outperform from sector perform.

Freeport McMoRan Copper & Gold

(FCX) - Get Freeport-McMoRan, Inc. Report

was trading slightly higher at $84.44. China announced a huge surge in copper imports in March, which contributed to a wider-than-expected trade deficit, as infrastructure spending boomed.

Shares of the popular physically backed ETF,

SPDR Gold Shares

(GLD) - Get SPDR Gold Shares Report

were losing 0.08%% to $112.79.

>>Slideshow: How to Invest in Gold

>>More stories on gold investing


Written by Alix Steel in New York


Alix joined 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.