FXStreet (Edinburgh) – The troy ounce of the precious metal is now returning to sub-$1,200 levels after climbing as high as $1,205 in early trade.
Gold in red following USD strength
The resurgence of the bid tone around the US dollar have been weighing on the USD-denominated assets at the beginning of the trading week, dragging Gold from session peaks around $1,205.
Gold prices are snapping a positive 3-sesssion streak, which saw the metal rebounding from lows near $1,180 last week to levels beyond the $1,200 mark.
Gold key levels
Gold is now down 0.09% at $1,188.70 with the initial support at $1,184 (low May 27) ahead of $1,177 (low May 4) and finally $1,168.50 (low Mar.20). On the upside, a break above $1,205 (high Jun.1) would target $1,225.76 (high May 19) en route to $1,228 (high May 14).
(Market News Provided by FXstreet)