FXstreet.com (Barcelona) - The gold bullion reversed early losses in recent trading turning sharply higher to post gains on the day thus far. Currently the gold contract for August delivery, the most active future, trades at a new intraday high of $1227.90 where it is nearly $7 above the opening price. The gold bullion has been steadily edging lower throughout the day as the weight of a strong US dollar has outpaced the allure of safe-haven demand. However with recent sentiment improving just enough, gold is able to shake off the strength of the US dollar and is attracting investors who are still somewhat tentative to fully jump back in to riskier assets due to debt jitters over the euro zone. With further upside momentum, Oil N' Gold places the next resistance levels at $1236.50 and $1251.00. On the downside, support levels are listed at$1212.60 and $1203.20.

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