The stronger US jobs report sent gold lower - gold rebounds after testing trendline support
5 June 2015, 22:11
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Gold was reaching the lowest trading level since March 19th. However, a lower
channel support trend line held and the dollar peaked as well and
started to correct.
The lower channel trend line was
tested at the 1163.50 area. The low price extended a little below that
level to 1162.66 before rebounding back higher. The dollar and gold were dancing the two-step with no toes
being stepped on.
If the dollar is able to keep it's bid and Greece gets off the front pages once again, that key trend line may come in play once again. Traders might look to focus on the 1170.54 level for close resistance.
