2 Jul 2015
Gold testing 4-week lows near $ 1167
FXStreet (Mumbai) - Gold prices on Comex extends its losing streak in to a fourth straight session as the yellow metal remains pressured on rallying Asian
stocks, shrugging off a broadly lower US dollar.
Gold eyes $ 1162
Currently, gold trades -0.17% at 1167.20, having posted day’s low at 1166.20. Gold prices trades lower in a very tight range as traders preferred higher yielding Asian equities as markets remain nervous ahead of the most influential US nfp figures due later today.
Meanwhile, the US dollar index, measuring the relative strength of the greenback against a basket of six major currencies, trades -0.10% higher at 96.38.
Gold prices also failed to receive support as safe-haven asset amid positive updates from Greece after Greek Prime Minister Alexis Tsipras claimed willingness to accept bailout conditions according to reports. However, the situation remained nervous with the referendum on the austerity program due July 5.
Gold Technical Levels
The metal has an immediate resistance at 1170 and 1175 levels. Meanwhile, support stands at 1162 below which doors could open for 1160 levels.
stocks, shrugging off a broadly lower US dollar.
Gold eyes $ 1162
Currently, gold trades -0.17% at 1167.20, having posted day’s low at 1166.20. Gold prices trades lower in a very tight range as traders preferred higher yielding Asian equities as markets remain nervous ahead of the most influential US nfp figures due later today.
Meanwhile, the US dollar index, measuring the relative strength of the greenback against a basket of six major currencies, trades -0.10% higher at 96.38.
Gold prices also failed to receive support as safe-haven asset amid positive updates from Greece after Greek Prime Minister Alexis Tsipras claimed willingness to accept bailout conditions according to reports. However, the situation remained nervous with the referendum on the austerity program due July 5.
Gold Technical Levels
The metal has an immediate resistance at 1170 and 1175 levels. Meanwhile, support stands at 1162 below which doors could open for 1160 levels.