FXStreet – The demand for the safe haven gold price is at the beginning of the week increased and so could the new High above 1230 $.
Gold is testing 2-week high
Gold is now benefiting from the selling pressure against the Greenback, after the recent US data were disappointing.
The price of gold rises today for the 4. Day in a row, after the last Tuesday of the multi-week low at 1214 US Dollar was formed. Today, the geopolitical tensions were increased with a further missile test by North Korea.
The poor US economic data have let the possibility of a June interest rate increase by the Fed will fall and the safe-haven metal benefitted.
Gold technical levels
Currently, the daily gain of 0.58% at 1234,97 and the next Resistances is at 1245,51 (200-day SMA), 1247,34 (55-day SMA) and 1255,85 (50 % Fibo of the April-may decline). On the other hand, supports are located at 1224,40 (Deep 12. May), 1216,90 (Deep 11. May) and 1214,30 (Deep-9. May).
** FXStreet News Editorial, FXStreet**