25 Jun 2015
Gold recovers from 2-week lows, near $ 1175
FXStreet (Mumbai) - Gold prices on Comex recovers from fresh two-week lows and trades in green in early Asia, swinging back higher above 1170 levels, largely on profit-taking while subdued Asian equities also lend a helping hand to the yellow metal.
Gold eyes Greece updates
Currently, gold trades 0.14% at 1174.60, trading in a narrow range well above 1170 levels. Gold prices consolidates to the upside, posing a minor recovery after gold prices tumbled to fresh two-week lows at 1170.50 amid looming Greek uncertainty while upbeat US Q1 GDP revision further backed the case for a Fed rate hike.
Meanwhile, the US dollar index, measuring the relative strength of the greenback against a basket of six major currencies, trades almost unchanged at 95.48. A weaker US dollar makes dollar priced-in commodities cheaper for holders in foreign currencies.
Later in the day, traders will await the release of the Fed's favourite inflation metric along with consumer spending and income data for May. While Euro group ministers gather again today for the third time this week with Greece on top of the agenda.
Gold Technical Levels
The metal has an immediate resistance at 1180 and 1185 levels. Meanwhile, support stands at 1170.50 below which doors could open for 1168.50 levels.
Gold eyes Greece updates
Currently, gold trades 0.14% at 1174.60, trading in a narrow range well above 1170 levels. Gold prices consolidates to the upside, posing a minor recovery after gold prices tumbled to fresh two-week lows at 1170.50 amid looming Greek uncertainty while upbeat US Q1 GDP revision further backed the case for a Fed rate hike.
Meanwhile, the US dollar index, measuring the relative strength of the greenback against a basket of six major currencies, trades almost unchanged at 95.48. A weaker US dollar makes dollar priced-in commodities cheaper for holders in foreign currencies.
Later in the day, traders will await the release of the Fed's favourite inflation metric along with consumer spending and income data for May. While Euro group ministers gather again today for the third time this week with Greece on top of the agenda.
Gold Technical Levels
The metal has an immediate resistance at 1180 and 1185 levels. Meanwhile, support stands at 1170.50 below which doors could open for 1168.50 levels.