24 Jun 2015
Gold off lows, life less around $ 1177
FXStreet (Mumbai) - Gold prices on Comex recovered from lows and trades mildly in the positive territory, despite a broadly weaker US dollar and falling European stocks as markets shift their attention towards looming Greek saga before much awaited Euro group meeting.
Gold pressured amid Greek talks
Currently, gold trades modestly flat at 1177.20, heading towards session highs at 1179. Gold prices continues to trade in a narrow range below 1180 levels with bearish bias intact ahead of the key US GDP data which is expected to add to the recent greenback strength.
Meanwhile, the US dollar index, measuring the relative strength of the greenback against a basket of six major currencies, trades -0.29% lower at 95.34. A weaker US dollar makes dollar priced-in commodities cheaper for holders in foreign currencies.
Gold Technical Levels
The metal has an immediate resistance at 1180 and 1185 levels. Meanwhile, support stands at 1171.90 (June 15 Low) below which doors could open for 1168.50 levels.
Gold pressured amid Greek talks
Currently, gold trades modestly flat at 1177.20, heading towards session highs at 1179. Gold prices continues to trade in a narrow range below 1180 levels with bearish bias intact ahead of the key US GDP data which is expected to add to the recent greenback strength.
Meanwhile, the US dollar index, measuring the relative strength of the greenback against a basket of six major currencies, trades -0.29% lower at 95.34. A weaker US dollar makes dollar priced-in commodities cheaper for holders in foreign currencies.
Gold Technical Levels
The metal has an immediate resistance at 1180 and 1185 levels. Meanwhile, support stands at 1171.90 (June 15 Low) below which doors could open for 1168.50 levels.