Gold Traders Trying To Sniff Out Stops In Low Volume

Gold remains range-bound, with short-term traders trying to sniff out stops in both directions, says Triland Metals. Stops are pre-placed orders triggered when the market hits certain chart levels. The Comex April futures closed up $5.30 to $1,678.30 an ounce but meandered in a narrow range of $11.70 that was within Tuesday's trading band. "The stop-loss hunting continues, with gold moving from downside stops to upside stops then back to the middle," Triland says. "The short-term range seems to be $1,660 to $1,685 and until that breaks significantly, the market looks set to continue sniffing out stops. Volume has been low."