FXstreet.com (Barcelona) - In one swift move Friday, gold futures wiped out weekly losses and pushed higher more than $20 late Friday. The gold contract for June delivery has since been putting pressure on the $1160.00 resistance mark, trading just below with a price of $1157.00 at the time of writing.
The bullion was boosted by Greece's decision to officially activate the much talked about EU/IMF rescue package. The measure allows Greece to repay debt due in May, averting the euro zone's first sovereign debt default. The yellow metal is benefiting from it's position as a safer alternative amid the Greece drama, but also from increased risk appetite as concerns ease in equity markets.
Oil N' Gold places the next resistance levels at $1163.07 and $1172.43. On the downside, the next support levels are $1149.13 and $1139.77.
