Gold Regains Slightly As The Strong Dollar Continues Its Trend

Gold regained strength on Thursday but a strong greenback capped gains while uncertainties about the outcome of a European Union summit drove some investors away. 'There's a bit of physical buying and this is expected because the price has dropped nearly $20,' said a dealer in Hong Kong. 'But sentiment has turned bearish because we have broken several key support levels.' Uncertainty about currencies and debt problems in the euro zone had pushed up gold prices last week despite a stronger dollar, but dealers said buying had dissipated after bullion failed to sustain the gains. Gold is trading at $1,083 as of 21:34pm, GMT, with a bearish trend. Gold's Pool-Position is 43% Long, meaning that most Finotec clients are selling the precious metal.