FXStreet (Mumbai) – Gold prices on Comex edged lower in the early European morning, extending losses from the previous session amid lack of fresh updates on Greece while broad based US dollar strength continues to weigh on the yellow metal.
Gold trades near lows
Currently, gold trades -0.19% at 1176.60, having posted day’s low at 1175.40. Gold prices extends declines and heads towards key 1170 support as traders booked profits on their gold longs following yesterday’s rally towards 1190.
Moreover, a rebound in Asian stocks along with the US dollar also pressured the gold prices today. The US dollar index, measuring the relative strength of the greenback against a basket of six major currencies, trades 0.28% higher at 95.34.
Although the turmoil surrounding Greece should provide a backstop for the gold market, the prospect of a data-driven dollar rally is acting as a drag on the yellow metal.
The highlight of the upcoming week in terms of macro-economic releases will be Thursday’s US non-farm payrolls data for June, which will shed more light on the pace of the economic recovery.
Gold Technical Levels
The metal has an immediate resistance at 1180 and 1185 levels. Meanwhile, support stands at 1173.20 below which doors could open for 1170 levels.
(Market News Provided by FXstreet)