11 Feb 2015
Gold stuck around USD 1237 amid Greek uncertainty
FXStreet (Mumbai) - Gold prices on Comex steadied in the mid-European session, hovering near highs, as traders remain wary ahead of Euro group meeting on Greece.
Greece in focus
Currently, gold trades higher by 0.40% at 1237levels, having posted daily highs at 1238.70 levels earlier in the day. Gold prices keeps gains and trades in a tight range between 1233 – 1239 levels as traders closely watch upcoming Greece and EU in the meeting at Brussels later today. Greece is expected to present a bridge financing framework that would lead to a "new deal" with international creditors from September onward.
Meanwhile, adding to the investor confidence in the yellow metal, holdings in the SPDR Trust, the world's number one exchange traded fund backed by the yellow metal, remained at 773.31 tonnes on Tuesday, the highest level since September 25.
Gold Technical Levels
The metal has an immediate resistance at 1246 (200-DMA) and 1253 (10-DMA) levels. Meanwhile, support stands at 1233.89 (50-DMA) levels below which doors could open for 1228 levels.
Greece in focus
Currently, gold trades higher by 0.40% at 1237levels, having posted daily highs at 1238.70 levels earlier in the day. Gold prices keeps gains and trades in a tight range between 1233 – 1239 levels as traders closely watch upcoming Greece and EU in the meeting at Brussels later today. Greece is expected to present a bridge financing framework that would lead to a "new deal" with international creditors from September onward.
Meanwhile, adding to the investor confidence in the yellow metal, holdings in the SPDR Trust, the world's number one exchange traded fund backed by the yellow metal, remained at 773.31 tonnes on Tuesday, the highest level since September 25.
Gold Technical Levels
The metal has an immediate resistance at 1246 (200-DMA) and 1253 (10-DMA) levels. Meanwhile, support stands at 1233.89 (50-DMA) levels below which doors could open for 1228 levels.