9 Jun 2015
Gold slightly up, eyes on $1,180
FXStreet (Edinburgh) - Gold prices are advancing for the second consecutive session on Tuesday, extending the rebound from Friday’s multi-week lows near $1,160.
Gold solid on weaker dollar
Another pullback in the US dollar is allowing a continuation of the positive streak of the troy ounce of the precious metal, today reinforced by the poor performance of the stock markets as a consequence of rising concerns around Greece.
However, the upcoming FOMC meeting and the prospects of a Fed’s lift-off later this year pose the immediate risks for the metal, capping occasional bullish attempts.
Gold key levels
Gold is now up 0.29% at $1,177.30 and a surpass of $1,205 (high Jun.1) would open the door to $1,225.76 (high May 19) and finally $1,228 (high May 14). On the downside, the immediate support lines up at $1,168.70 (low Jun.8) followed by $1,162.50 (low Jun. 5) and then $1,159.40 (low Mar.19).
Gold solid on weaker dollar
Another pullback in the US dollar is allowing a continuation of the positive streak of the troy ounce of the precious metal, today reinforced by the poor performance of the stock markets as a consequence of rising concerns around Greece.
However, the upcoming FOMC meeting and the prospects of a Fed’s lift-off later this year pose the immediate risks for the metal, capping occasional bullish attempts.
Gold key levels
Gold is now up 0.29% at $1,177.30 and a surpass of $1,205 (high Jun.1) would open the door to $1,225.76 (high May 19) and finally $1,228 (high May 14). On the downside, the immediate support lines up at $1,168.70 (low Jun.8) followed by $1,162.50 (low Jun. 5) and then $1,159.40 (low Mar.19).