9 Jul 2015
Gold steadies around $ 1161
FXStreet (Mumbai) - Gold prices on Comex halted its rebound and fell back in to red in the mid-European session, as the USD bulls jumped back into bids as markets favour the greenback with Greece headlines resurfacing.
Gold drops from 1165.70 highs
Currently, gold trades -0.16% lower at 1161.60, dropping near $ 5 from session highs. The yellow metal trades cautious as the situations in China and Greece have stabilized a little, while the rising US dollar curbing demand for the metal.
The US dollar index, measuring the relative strength of the greenback against a basket of six major currencies, trades 0.30% higher at 96.66. A stronger greenback makes gold expensive for holders in foreign currencies.
Meanwhile, investors in Europe hope Greece will be able to deliver detailed reform proposals on time (the deadline was set by midnight tonight) in order to strike a deal with international lenders and so would avoid the country's bankruptcy and a possible 'Grexit'.
Gold Technical Levels
The metal has an immediate resistance at 1165.70 and 1170 levels. Meanwhile, support stands at 1146.20 below which doors could open for 1142.40 levels.
Gold drops from 1165.70 highs
Currently, gold trades -0.16% lower at 1161.60, dropping near $ 5 from session highs. The yellow metal trades cautious as the situations in China and Greece have stabilized a little, while the rising US dollar curbing demand for the metal.
The US dollar index, measuring the relative strength of the greenback against a basket of six major currencies, trades 0.30% higher at 96.66. A stronger greenback makes gold expensive for holders in foreign currencies.
Meanwhile, investors in Europe hope Greece will be able to deliver detailed reform proposals on time (the deadline was set by midnight tonight) in order to strike a deal with international lenders and so would avoid the country's bankruptcy and a possible 'Grexit'.
Gold Technical Levels
The metal has an immediate resistance at 1165.70 and 1170 levels. Meanwhile, support stands at 1146.20 below which doors could open for 1142.40 levels.