FXStreet (Edinburgh) – The troy ounce of the precious metal could not extend the positive streak today, retreating for the first time since Monday to the area of $1,180.
Gold softer on USD
The prevailing risk-off trade has been supporting a bid tone in the US dollar throughout the session, weighing on Gold prices and capping gains just below the $1,190 mark.
The greenback advanced further following a solid print from retail sales in the US economy, leaving the door open for an extension of t he upside momentum as market consensus expects tomorrow’s Reuters/Michigan index to come in a tad better than the previous month.
Gold relevant levels
Gold is now down 0.42% at $1,181.60 with the next support at $1,168.70 (low Jun.8) followed by $1,162.50 (low Jun. 5) and then $1,159.40 (low Mar.19). On the other hand, a breakout of $1,191.80 (high Jun.10) would aim for $1,205 (high Jun.1) and finally $1,225.76 (high May 19).
(Market News Provided by FXstreet)