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Although gold markets firstly fell during trading on Tuesday, the precious metal found enough buyers underneath to push it up.
Spot gold was up 0.2% to $1,782.39 per ounce by 01:40 p.m. ET (1840 GMT). U.S. gold futures settled up 0.3% at 1,784.70.
Gold is trying to stay in the consolidation territory it has been in for a while. However, this is a market that will probably continue to see a lot of downward pressure just above, particularly near the $1800 level.
The $1800 level has been important more than once, and therefore it should not be a huge surprise to see that it could offer a bit of resistance.
The 50 day EMA is starting to cross just below the $1800 level as well, right where the 200 day EMA sits. This is known as the death cross, which is a longer-term negative signal.
The US dollar has been strengthening which of course works against the value of the gold market, but at the same time real rates are going to be important as well.
