Gold advances around $1,190

FXStreet (Edinburgh) – The troy ounce of the yellow metal is trading in the upper bound of the daily range, climbing beyond the $1,190 level.

Gold firmer on poor US data

Gold prices found some support after the US economy contracted 0.7% on a yearly basis during the first quarter and the US consumer sentiment dropped to 6-month lows during May.

The precious metal is advancing for the third consecutive session, on its way to clinch the first month with gains since January, bolstered by a renewed weakness around the US dollar.

Gold key levels

Gold is now up 0.08% at $1,189.60 and a break above $1,225.76 (high May 19) would open the door to $1,228 (high May 14) and then $1,236.79. On the flip side, the next support lines up at $1,184 (low May 27) ahead of $1,177 (low May 4) and finally $1,168.50 (low Mar.20).

The troy ounce of the yellow metal is trading in the upper bound of the daily range, climbing beyond the $1,190 level…

(Market News Provided by FXstreet)