FXStreet (Edinburgh) – Gold prices are retreating for the third consecutive session at the end of the week, now looking to stabilize just below the $1,170 level.
Gold hurt by US data
The troy ounce of the precious metal remained in the negative territory today following the stellar results from the US Non-farm Payrolls, with the economy adding 280K jobs, well above forecasts for 225K.
In another direction, Gold was unable to benefit from the rising uncertainty around Greece. Despite the country has managed to bundle up the monthly IMF repayments in one payment at the end of the month, the lack of progress in the debt talks promises to keep weighing on sentiment.
Gold key levels
Gold is now down 0.54% at $1,168.80 and a breakdown of $1,162.50 (low Jun. 5) would aim for $1,159.40 (low Mar.19). On the flip side, the immediate hurdle lines up at $1,205 (high Jun.1) ahead of $1,225.76 (high May 19) and finally $1,228 (high May 14).
(Market News Provided by FXstreet)