7 Jul 2015
Gold slips to fresh lows sub-$1,150
FXStreet (Edinburgh) - The troy ounce of the precious metal is prolonging the downside bias on Tuesday, testing the vicinity of $1,150.
Gold softer on dollar, Greece
(Thinner) Hopes of a deal between Greece and its EU creditors continue to keep the demand for the yellow metal subdued in recent weeks, dragging prices to the sub-$1,150 area today, or 4-month lows.
In addition, the re-emergence of the bid tone in the greenback collaborates with the downside in the USD-denominated assets. In terms of the US Dollar Index (DXY), the USD advanced to multi-week peaks beyond the 97.00 handle.
Furthermore, ongoing concerns over the prospects of the Chinese economy based on its recent performance are hurting not only the demand for Gold but also for the rest of metals.
Gold levels to watch
At the moment Gold is losing 1.60% at $1,154.40 with the next support at $1,147.30 (low Jul7) ahead of $1,145.40 (low Mar.18) and finally $1,142.20 (2015 low Mar.17). On the flip side, a breakout of $1,174.88 (high Jul.6) would aim for $1,178.70 (high Jun.26) and then $1,188.20 (high Jun.29).
Gold softer on dollar, Greece
(Thinner) Hopes of a deal between Greece and its EU creditors continue to keep the demand for the yellow metal subdued in recent weeks, dragging prices to the sub-$1,150 area today, or 4-month lows.
In addition, the re-emergence of the bid tone in the greenback collaborates with the downside in the USD-denominated assets. In terms of the US Dollar Index (DXY), the USD advanced to multi-week peaks beyond the 97.00 handle.
Furthermore, ongoing concerns over the prospects of the Chinese economy based on its recent performance are hurting not only the demand for Gold but also for the rest of metals.
Gold levels to watch
At the moment Gold is losing 1.60% at $1,154.40 with the next support at $1,147.30 (low Jul7) ahead of $1,145.40 (low Mar.18) and finally $1,142.20 (2015 low Mar.17). On the flip side, a breakout of $1,174.88 (high Jul.6) would aim for $1,178.70 (high Jun.26) and then $1,188.20 (high Jun.29).