Gold breaks lower, off daily high of $1190
The gold bullion, recently trading as high as $1190 per troy ounce, just hit resistance and dipped lower on fragile sentiment. At the time of writing the gold contract for June delivery is trading at $1184.90 where it is still up nearly $7.00 since opening price.
Gold has been edging higher this morning on improved overall market sentiment pushing the euro higher against the US dollar. Uncertainty however over euro zone public debt and a slow economic recovery still lingers weighing on any recovery the euro currency attempts. Gold along with all commodities seems to be trailing the euro's strength, battling between getting caught in an overall market spiral similar to what was experienced last week and garnering appeal as a safe-haven investment. Currently safe-haven demand is winning out with gold coming off last week’s lows.
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