Gold price pushes higher, $1,200 closer

June 10, 2015

San Francisco (Jun 10)  The troy ounce of the yellow metal is clinching its third consecutive session with gains, this time testing the $1,190 neighbourhood.

Gold reverts weekly losses

Gold prices remain on track to revert the negative 3-week streak from the vicinity of $1,230 in early May to multi-week lows near $1,160 following the US Non-farm Payrolls figures last week.

However, sensible releases in the US docket tomorrow and Friday will surely put the current Gold recovery to the test, as investors will gauge the result with the potential timing of the Fed’s rates lift-off.

Gold key levels

Gold is now up 0.70% at $1,185.90 and a surpass of $1,191.80 (high Jun.10) would aim for $1,205 (high Jun.1) and finally $1,225.76 (high May 19). On the downside, the initial support aligns at $1,168.70 (low Jun.8) followed by $1,162.50 (low Jun. 5) and then $1,159.40 (low Mar.19).

Source: FXstreet

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