FXStreet (Edinburgh) – The troy ounce of the yellow metal has managed to bounce off sub-$1,160 levels in early trade, although remains mired in the negative territory.
Gold in multi-month lows
Persistent hopes of a last-minute deal between Greece and the EU institutions has been weighing on the yellow metal in recent weeks, with Gold prices meandering 4-month lows in the vicinity of the $1,160 area.
The re-emergence of the bid tone around the greenback in recent sessions has been also collaborating with the downside, with market expectations for a Fed’s rate hike before year-end remain firm.
Gold significant levels
As of writing Gold is down 0.46% at $1,163.90 with the immediate support at $1,156.00 (low Jul.2) ahead of $1,145.40 (low Mar.18) and finally $1,142.40 (low Mar.17). On the flip side, a breakout of $1,180 (high Jun.30) would aim for $1,187.60 (high Jun.29) and finally $1,209.00 (high May 25).
(Market News Provided by FXstreet)