Trading for Gold Stays within a Narrow Range
As the week begins, Gold is still trading within a narrow range while staying under the $1190 resistance.
Supported from $1180, online forex trading will potentially see similar prices as last week where gold had support at $1180 and rose to a $1200 resistance.
The trend for the previous two months has been an attraction to the $1200 resistance, which is a key level.
Two weeks ago, the price on Gold fell through this level and down to $1170, the lowest in six weeks. Overall, though, Gold has tended to gravitate to $1200.
In recent weeks, there has been a strong move from the $1150 support that saw the price of Gold ease below $1185 at the end of March towards $1200. This level has recently provided support for the price of Gold, particularly in February where it remained strong with a $1200 support.
On Monday, the reason for the fall in price of Gold was because of bets placed on the potential for no rates hike by the Federal Reserve until later in the year. This news offset the rebounding dollar spurned on by a meeting between finance ministers of the euro zone and Greece.
As a result of uncertainty in Greece over whether they will default their 750 million euro loan, which could see them being forced out of the euro zone, the dollar rose 0.2% against a group of currencies. As a result, Gold fell in price and there is uncertainty as the Tuesday deadline for Greece’s IMF payments arrives.
In other gold online forex trading news, spot gold fell 0.3% on the back of a recent modest fall for the previous weeks. Also, gold futures settle at $5.90 for delivery in June.
