15 Jul 2015
Gold poses weak recovery in Asia near $ 1155
FXStreet (Mumbai) - Gold prices on Comex halted a four-day decline and edged slightly higher in mid-Asia, largely as the US dollar remains broadly muted while markets continue to digest the latest retail sales data from the US last session ahead of Fed Chair Yellen’s testimony due later today.
Gold struggles above $ 1150
Currently, gold trades 0.10% higher at 1154.60, having posted day’s high at 1155.50 and day’s low at 1153.70. The yellow metal oscillates in a very tight range, consolidating four back-to-back sessions of losses as markets turn their attention towards Greek vote on the bailout deal and Fed Chairperson Yellen’s speech scheduled later today.
The debt crisis in Greece is still in focus for market participants as many economists expressed their doubts the country's parliament will pass reforms demanded by creditors. While Fed Chair Janet Yellen is due to testify later today after she said on Friday the central bank is aiming to lift rates sometime this year.
Moreover, a broadly subdued US dollar following worse than expected retail sales print released on Tuesday also supported the gold prices. The US dollar, a virtual gauge of greenback’s strength now trades flat at 96.85.
Meanwhile, the dollar's moves will be eyed especially later in this session when the US will report a series of crucial economic data including PPI and industrial production figures.
Gold Technical Levels
The metal has an immediate resistance at 1160 and 1163 levels. Meanwhile, support stands at 1150 below which doors could open for 1146.20 levels.
Gold struggles above $ 1150
Currently, gold trades 0.10% higher at 1154.60, having posted day’s high at 1155.50 and day’s low at 1153.70. The yellow metal oscillates in a very tight range, consolidating four back-to-back sessions of losses as markets turn their attention towards Greek vote on the bailout deal and Fed Chairperson Yellen’s speech scheduled later today.
The debt crisis in Greece is still in focus for market participants as many economists expressed their doubts the country's parliament will pass reforms demanded by creditors. While Fed Chair Janet Yellen is due to testify later today after she said on Friday the central bank is aiming to lift rates sometime this year.
Moreover, a broadly subdued US dollar following worse than expected retail sales print released on Tuesday also supported the gold prices. The US dollar, a virtual gauge of greenback’s strength now trades flat at 96.85.
Meanwhile, the dollar's moves will be eyed especially later in this session when the US will report a series of crucial economic data including PPI and industrial production figures.
Gold Technical Levels
The metal has an immediate resistance at 1160 and 1163 levels. Meanwhile, support stands at 1150 below which doors could open for 1146.20 levels.