NEW YORK (
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
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
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."
was losing 31 cents to $18.09 while
were up 2 cents $3.59 after hitting a 20-month high on Monday.
Mining stocks, a more leveraged way to
, were struggling after
kicked off earnings season with a thud.
was down 1.57% to $40.12 while
was trading slightly lower at $53.09. Other large-cap miners
were at $18.12 and $39.47, respectively.
were slipping 1.92% to $12.79 despite receiving an upgrade from
to outperform from sector perform.
Freeport McMoRan Copper & Gold
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
were losing 0.08%% to $112.79.
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.