FXStreet (Edinburgh) – The troy ounce of the precious metal is trading almost unchanged on Thursday, navigating a tight range in the $1,170 area.
Gold softer on Greek hopes
In spite of Greece and the EU institutions failed to reach an agreement at this week’s meetings, hopes of a last-minute deal have not given up yet, with market participants now turning their attention to potential gatherings between both parties over the weekend ahead of the June 30th deadline.
Gold is retreating since Monday, surrendering last week’s gains and extending the rejection from recent peaks just above the psychological $1,200 handle.
Gold significant levels
As of writing Gold is down 0.03% at $1,172.60 and a drop below $1,171.90 (low Jun.15) would expose $1,162.10 (low Jun.5) and finally $1,145.40 (low Mar.18). On the upside, the immediate resistance lines up at $1,209.00 (high May 25) followed by $1,215.30 (high May 22) and then $1,219.40 (high May 13).
(Market News Provided by FXstreet)