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DG365FD46564GFH654FU898 The Street By Alix Steel February 7, 2012 NEW YORK (TheStreet ) — Gold prices were rising Tuesday, shaking off a two day decline left the metal down 2%. Gold for April delivery was up $8.91 at $1,733.80 an ounce at the Comex division of the New York Mercantile Exchange. The gold price has traded as high as $1,735 and as low as $1,712.60 an ounce while the spot price was adding $12, according to Kitco's gold index. Silver prices were 5 cents lower at $33.70 an ounce while the U.S. dollar index was down 0.37% at $78.80. Gold prices were finally making their way higher Tuesday, helped by a stronger euro and weaker dollar. Gold had been digesting the big 5.5% move they had after the Federal Reserve announced low interest rates until the end of 2014. "I think the breakout we saw a couple of weeks ago is still holding up," says Stan Dash, vice president of applied technical analysis at TradeStation, who is monitoring $1,709 an ounce as a key support level. A close under $1,709 would signify a more dramatic selloff, "then I think you have to be more serious about a retest of $1,675 an ounce." During the week after the Fed announced it would keep rates low for longer, speculative long positions on the Comex increased by 24,000 contracts. On the one hand it means traders are starting to rebuild long positions and will continue to do so if prices hold up. However, those traders could also contribute to any selloff if they have tight sell stops — which is a predetermined selling level initiated in order to protect profits – they could have dumped their positions over the last few
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