4 Jun 2015
Gold retreats further below $1,180
FXStreet (Edinburgh) - The troy ounce of the yellow metal continues to shed ground on Thursday, trading in levels below the $1,180 handle.
Gold in multi-week lows
Gold prices remained unable to gather traction today following auspicious results from US Initial Claims (276K act.), leaving the door open for a potential positive surprise in tomorrow’s US Payrolls. Recall that market consensus sees the US economy to have created 225K jobs during the last month.
A softer tone in the greenback plus renewed jitters on the Greek-EU negotiations failed to bring in some buying interest around the metal, allowing prices to drop to levels last seen in in early May.
Gold key levels
Gold is now down 0.59% at $1,177.90 and a breakdown of $1,169.50 (low May 1) would aim for $1,168.50 (low Mar.10) and then $1,159.40 (low Mar.19). On the flip side, the immediate hurdle lines up at $1,205 (high Jun.1) ahead of $1,225.76 (high May 19) and finally $1,228 (high May 14).
Gold in multi-week lows
Gold prices remained unable to gather traction today following auspicious results from US Initial Claims (276K act.), leaving the door open for a potential positive surprise in tomorrow’s US Payrolls. Recall that market consensus sees the US economy to have created 225K jobs during the last month.
A softer tone in the greenback plus renewed jitters on the Greek-EU negotiations failed to bring in some buying interest around the metal, allowing prices to drop to levels last seen in in early May.
Gold key levels
Gold is now down 0.59% at $1,177.90 and a breakdown of $1,169.50 (low May 1) would aim for $1,168.50 (low Mar.10) and then $1,159.40 (low Mar.19). On the flip side, the immediate hurdle lines up at $1,205 (high Jun.1) ahead of $1,225.76 (high May 19) and finally $1,228 (high May 14).