Here's Why Traders Think Gold Prices Have Hit 'Consolidation' Phase

August 12, 2014

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.