Gold on the rise, closer to $1,200/oz

San Francisco (Mar 24)  The troy ounce of the precious metal is advancing for the fifth consecutive session, trading closer to the critical mark at $1,200.

Gold helped by dollar softness

Jitters coming from the Greek front plus the weakness surrounding the greenback as of late continued to lend support to the yellow metal during the first half of the week, climbing as high as $1,195 today and remaining in the area of session highs so far.

Gold important levels

At the moment the metal is up 0.30% at $1,193.06 with the immediate resistance at $1,200.58 (high Mar.6) followed by $1,209.46 (high Mar.5) and finally $1,214.56 (high Mar.3). On the flip side, a breakdown of $1,159.56 (low Mar.19) would expose $1,145.98 (low Mar.18) and then $1,142.69 (low Mar.17).

Source: FXstreet