FXStreet (Edinburgh) – Gold prices remain on the back footing during the first half of the week, retreating for the third consecutive session to the area of $1,170 so far.
Gold softer on Greek hopes, US data
The demand for the precious metal remains subdued today following auspicious results in the US docket, which keep feeding the sentiment of a Fed’s rate hike in the second half of the year.
Collaborating with the offered tone around Gold, hopes that Greece and its EU peers could seal a deal at tonight’s Eurogroup meeting remain well and sound despite recent comments and rumours.
Gold significant levels
As of writing Gold is down 0.25% at $1,173.60 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)