FXStreet (Mumbai) – Gold prices trade around USD 1200/Oz levels, largely unchanged on the day, as the exhaustion over the Greek impasse ahead of the weekend zapped volatility in the markets.
Supported by safe haven appeal
The metal, along with other traditional safe haven assets like the treasuries, Swiss Franc, and the Yen, is heading into the weekend on a positive note. The Greek impasse has led to an exhaustion of sorts in the markets ahead of the June 30 deadline.
Moreover, the safe haven bids, along with the weakness in the US dollar pushed the metal to a weekly high of USD 1205.8/Oz. At the moment, a positive weekly close is more or less confirmed, unless a breakthrough deal between Greece and its creditors weighs over safe haven assets.
Gold Technical Levels
The metal currently trades at USD 1200.4/Oz. The immediate resistance is located at 1208.6 (May 25 high), above which gains could be extended to 1215.1 (Apr. 28 high). On the flip side, a break below 1192.80 (50-DMA) could open doors for 1185.00.
(Market News Provided by FXstreet)