Gold prices move higher on Tuesday, but traders think the yellow metal has entered a consolidation phase. UBS analysts say in a research note that gold is in consolidation, holding just above $1,310 an ounce. Independent metals trader Mihir Dange tells TheStreet's Joe Deaux that he agrees gold is in consolidation, and he says the price must rise above $1,325 or dip below $1,275 for the market to add momentum. Dange says uncertainties in Ukraine and Iraq are adding a floor to the price of gold, but he suggests it's hard to determine what could push the commodity in either direction.

If you liked this article you might like

Here's What Stocks You Want to Own in the Event of a War With North Korea

Gold, Google, SEC Hack - 5 Things You Must Know Before the Market Opens Thursday

Here's the Hottest New Way to Get Rich With Gold

How to Invest in Unstoppable Gold Prices

Novice Trade: Gold ETF