Gold Fails to Break Above $1600

Euro-zone debt fears prevented gold from making any significant gains during yesterday's trading session. While the precious metal has turned bullish over the last week, it has been unable to break past the psychologically significant $1600.00 an ounce level. The price of gold increased by just over $10 yesterday, reaching as high as $1582.36 before staging a slight downward correction. Today, analysts are warning that it will be difficult for gold to move up significantly higher without the release of positive global economic data. Traders will want to monitor potentially impacting news out of the euro-zone and US. Should any of the data disappoint, the price of gold may fall as a result.

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