FXStreet (Mumbai) – Gold prices clocked a session high of USD 1185.4/Oz on the back of a rise in the heaven demand and weakness in the USD index.
The heaven demand has been on the rise since the Asian session on Tuesday. Moreover, the metal strengthened even though the USD index ticked higher in the previous session. The deal no deal Greek saga pushed investors to bid the yellow metal higher.
Weak USD index supports gains
The 0.5% drop in the USD index is supporting the yellow metal. Meanwhile, the rout in the bond markets and the weakness in the major European equity markets is also supporting the yellow metal.
Gold Technical Levels
The metal currently trades at USD 1182.80/Oz, up 0.44% on the day. The immediate resistance is located at 1186, above which gains could be extended to 1194.70 (50-DMA). On the flip side, a break below 1179.9 could push the metal back to 1170.00 levels.
(Market News Provided by FXstreet)