FX: Spot Gold recovery extends above $1,074 resistance as Dollar rally falters
FXstreet.com (Barcelona) - Spot Gold has extended its recovery from 3-month low at $1,044.40, and the yellow metal's price appreciated above $1,074 resistance hitting $1,083.50 high on Thursday as Dollar lost strength amid hopes of a bailout package granted by the EU to Greece.
XAU/USD has eased from yesterday's high at $1,083 although it remains above $1,075 previous high, trading on a choppy upside bias, according to Rajoo C, technical analyst at Precise Trader: The Daily Trend breached higher than the prior day's high and closed above the high . The Hourly Trend has been in a Range Trading with an Upside bias,10665-10605 are the critical levels to watch to maintain the bullish outlook ."
Gold rally has been supported by slightly weaker Dollar, which has pulled back from recent multi-month highs. EUR/USD recovery from 8-month high at 1.3585 extended to 1.3835, while GBP/USD rebound from 1.5530 extended to 1.5745 and the AUD/USD recovery from 0.8577, 4 -month low- has reached the door of 0.8800.
