Gold price testing highs above $1,170

June 8, 2015

New York (Jun 8)  Gold bounced off $1,160. The metal has rebounded from multi-week troughs near $1,160 posted last Friday in the wake of the Non-farm Payrolls results in the US economy. Today’s upside has been backed by a sharp pullback in the greenback and stock markets, while rising uncertainties around the EU-Greece debt talks have also collaborated with the bid tone around Gold, all amidst the end of the G7 meeting in Berlin.

Gold key levels

Gold is now up 0.45% at $1,173.30 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).

Source: FXstreet

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