Gold Update

Spot gold holds at $653.50/oz, after trading in a $648.10/$655.70 range.

In the past, gold has taken it's tone from dollar direction, but more recently it has been driven by market appetite for risk.

With carrytrades being cautiously put on again and global equities on the rise, the subtle demand for gold being seen is not a surprise.

Initial resistance is seen at $660/$661 - the 50% retracement of the move from the late Feb high at $689 and recent low near $633.