Gold slips towards $1,170

FXStreet (Edinburgh) – The troy ounce of the precious metal is now retreating further, on its way towards the $1,170 level.

Gold in red on Greece hopes

The renewed hopes on a last-minute deal between Greece and its creditors keep the sentiment afloat amongst traders, removing some demand for the safe haven metal.

Both negotiating parties has left the door open for a potential agreement as per today’s wave of rumours and comments, with the tone set for further meetings in the upcoming hours. In the meantime, a ‘Yes’ rally is gearing up in Athens tonight, in light of next Sunday’s referendum.

Gold significant levels

As of writing Gold is down 0.57% at $1,172.30 and a drop below $1,165.00 (low Jun.30) would expose $1,162.10 (low Jun.5) and finally $1,145.40 (low Mar.18). On the other hand, the initial resistance lines up at $1,209.00 (high May 25) followed by $1,215.30 (high May 22) and then $1,219.40 (high May 13).

The troy ounce of the precious metal is now retreating further, on its way towards the $1,170 level…

(Market News Provided by FXstreet)