FXStreet (Mumbai) – Gold prices fell below 100-DMA located at USD 1191.91/Oz levels as after the EU chief said the new Greek proposal is a welcome development and that a deal may be reached later this week.
Gold: Ignores US data
The metal traders ignored the weaker-than-expected US Chicago fed national activity index released today. The related markets did not respond to the US data as investors across the board are on a wait and watch mode ahead of Greece related events.
Moreover, the upside in the safe haven metal is being capped by the uptick in the US equity index futures. The S&P futures currently trade higher by more than 0.70%, on hopes of Greek deal. Ahead in the day, the metal could be influenced by the outcome of the Greek related events and the US housing data.
Gold Technical Levels
The immediate support is seen at 1191.30 (hourly 100-MA), under which losses could be extended to 1187.30 (hourly 200-MA). On the flip side, a break above 1196.7 could see the pair re-test 1200.00 levels.
(Market News Provided by FXstreet)