Gold continues to knock on the door of the $2,200 level

The precious metal is staying poised in trading today despite the dollar also sitting higher on the session. After hitting record highs last week, gold buyers have found it a bit tough to contest the $2,200 mark again so far. But we’re getting another run at that key level again at the moment.

If it breaks, expect that to potentially lead to a quick shoot higher for gold. I would argue that the onus is on sellers to keep price down, especially since gold is staying bid despite the dollar’s strength on the day.

Update (1025 GMT): Well, that was quick. Gold now threatens that particular break in a quick jump to $2,206 at the moment.

This article was written by Justin Low at www.forexlive.com.