FXStreet (Edinburgh) – The troy ounce of the precious metal managed to post the first weekly gains after three consecutive pullbacks, ending around the $1,180 area.
Gold weak on US data
The set of positive results from the US docket in the second half of the week gave oxygen to the US dollar and prompted a cautious tone amongst Gold traders in light of the upcoming FOMC meeting, with the timing of the Fed’s rates lift-off taking centre stage.
After three consecutive weeks of closing in the red territory, including a 2-month low near $1,160 recorded in the wake of May’s Non-farm Payrolls, the buying interest has returned to the metal this week, although Gold prices will remain under pressure following the USD dynamics and Greek headlines.
Gold relevant levels
Gold is now down 0.06% at $1,179.70 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)