FXStreet (Mumbai) – Gold prices on Comex tries to recover lost ground and climbed slightly higher in the mid-Asian session mainly driven by falling equities while ongoing Greece uncertainty continues to boost the safe-haven demand for the yellow metal.
Gold supported above $ 1170
Currently, gold trades 0.19% at 1174, stuck in the same range since yesterday. Gold prices inched higher this session, despite a broadly stronger US dollar as markets focus on Greece drama as the stand-off extends after Euro group meeting yesterday failed to reach a deal once again.
Commerzbank analyst Daniel Briesemann noted, “We would have expected gold to trade much higher, given all the issues in Greece,” “It’s being kept in check by an ongoing withdrawal by speculative financial investors. If this doesn’t stop, the gold price won’t be able to recover.”
Meanwhile, the US dollar index, measuring the relative strength of the greenback against a basket of six major currencies, trades 0.12% higher at 95.48.
Later in the day, traders will track US dollar moves ahead of US consumer sentiment data amid a data-light trading session today.
Gold Technical Levels
The metal has an immediate resistance at 1180 and 1185 levels. Meanwhile, support stands at 1170.50 below which doors could open for 1168.50 levels.
(Market News Provided by FXstreet)