Thu, May 6 2010, 14:59 GMT
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* Gold futures consolidating after threatening 2010 high
* Forex: GBP/USD breaks below 1.5000
* US stocks pare early gains as trading picks up

FXstreet.com (Barcelona) - The gold contract for June delivery once again pushed upwards in recent trading reaching a fresh intraday high of $1188.60, not far off from Tuesday’s five-month high. As stands, gold has consolidated below and is trading at $1183.00, up $7 since open.

Gold is gaining once again from safe-haven demand as ECBs president Jean-Claude Trichet failed to ease investors’ worries with his press conference concerning euro zone sovereign debt. Trichet’s comments where he predicted “moderate” but “uneven” euro-area economic expansion in 2010 came directly after the ECB announced their decision to maintain interest rates at 1.0%. While gold is being weighed down by a strong US dollar, it continues to be supported by risk aversion prevalent in the marketplace.

Oil N’ Gold places the next resistance levels at $1191.13 and then $1204.57. On the downside, the most immediate support levels are at $1169.63 and $1161.57.


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