FX: Spot Gold rally reaches 4-mth high at $1.170 on Greece bailout
FXstreet.com (Barcelona) - Spot gold has been trading in a steady bullish channel since its rebound from $1.085 low on Mar 23, as XAU USD broke above $1.160 on Friday as rumours about Greece bailout spread, to extend uptrend during Asian session, as the plan was confirmed, and Spot Gold hit 4-month high at $1.170.
At early European session, Gold is trading in a range between $1,162 ad 1.167, after pulling back from $1.170, with hourly trend turning sideways, according to Rajoo C, technical analyst at Precise Trader: "he Hourly Trend has been in a Range Trading with a limited Upside Bias, 11795-11875 are the Critical levels to watch to maintain the Bearish Outlook . On the 5 min is along the Horizontal Channel and the Patterns are suggesting a Choppy Session."
Gold's bulls might have been supported by Dollar weakness, EUR/USD rallied from 1.3280 low on Thursday to levels right below 1.3700 on Asian session, while the GBP/USD has rallied from 1.4800 on march 26 to 1.5480 high on Asian session.
