Gold Price turns positive above $1,170

June 26, 2015

Edinburgh-UK (Jun 26)  Prices for the precious metal ticked higher on Friday, although the metal could not help closing the week in red after two consecutive advances.

Gold firmer on Greek jitters

The buying interest around Gold has managed to gather some traction following the uncertainty around the EU-Greece debt talks in light of tomorrow’s critical Eurogroup meeting. According to recent comments by officials, there is still the possibility of an agreement on Saturday, even after Greek PM A.Tsipras has recently rejected a 5-month bailout extension and funds worth €15.5 billion.

The re-emergence of the bid tone in the US dollar has also been hurting the demand for the yellow metal throughout the week, backed by positive releases in the US economy and Greek woes.

Gold significant levels

As of writing Gold is up 0.17% at $1,173.90 with the next hurdle at $1,209.00 (high May 25) followed by $1,215.30 (high May 22) and then $1,219.40 (high May 13). On the downside, a break below $1,171.90 (low Jun.15) would expose $1,162.10 (low Jun.5) and finally $1,145.40 (low Mar.18).

Source: FXstreet

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