FXStreet (Mumbai) – Gold prices on Comex extends its losing streak for the fourth straight session today as markets continue to favour the US currency amid returning risk-on sentiment while resurfacing Fed rate-hike following last week’s Yellen’s comments.
Gold supported above $ 1150
Currently, gold trades -0.10% lower at 1154.00, having posted day’s high at 1155.90 and day’s low at 1153.90. The yellow metal struggles on the downside as rallying global equities and stronger greenback diminish the attractiveness of gold as a higher yielding asset.
Moreover, the US dollar keeps edge over the euro, as the Greek deal is viewed by markets as far from perfect, sending gold markedly lower. The US dollar, a virtual gauge of greenback’s strength now trades 0.10% higher at 97.02.
Gold futures dived deep into the red on Monday following the happy end (although a tough road ahead) to Greece’s bailout negotiation marathon.
Later today, markets now await fresh incentives from a slew of US economic releases while Wednesday’s Fed Yellen’s testimony will also be eagerly awaited for further USD moves.
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.
(Market News Provided by FXstreet)