FXS: Gold breaks through $1183 resistance, rising higher
FXstreet.com (Barcelona) - The gold future for June delivery recently broke through $1183 an ounce resistance level, reaching an intraday high of $1184.60. At last reading, gold trades slightly below at $1184.00 with bullish tendencies.
Gold is once again gaining on safe-haven status against sovereign credit risk and pronounced volatility in the foreign exchange markets. However a strong US dollar caused by the Greek debt crisis and fears of euro zone contagion still limits the upside for the yellow metal.
Oil N’ Gold places the next resistance levels at $1191.13 and $1204.57. On the downside, the next support levels are listed at $1161.57 and $1148.13.
