FXStreet (Edinburgh) – The troy ounce of the precious metal has found in the ongoing Greek jitters a reason to post gains towards the $1,190 vicinity on Monday.
Gold in multi-day peaks
Prices for the yellow metal are recovering part of the recent downside bolstered by safe haven inflows as a consequence of escalating fears around Greece. The failure of the Eurogroup meeting on Saturday and the upcoming referendum on the EU proposals to be held on Sunday 5th July have been weighing on investor’s sentiment throughout the session, exclusively driving Gold’s prices.
The demand for Gold is poised to remain well supported in the upcoming sessions, as the deterioration of the Greek situation seems to gather further traction with the hours.
Gold significant levels
As of writing Gold is up 0.49% at $1,178.90 with the next hurdle at $1,209.00 (high May 25) followed by $1,215.30 (high May 22) and then $1,219.40 (high May 13). On the downside, a break below $1,171.90 (low Jun.15) would expose $1,162.10 (low Jun.5) and finally $1,145.40 (low Mar.18).
(Market News Provided by FXstreet)