FXStreet (Mumbai) – Gold prices are trading flat around USD 1153/Oz as the investors assess the impact of progress in Greek talks on US Fed’s plans to hike rates this year.
Losses capped by weakness in the USD index
The metal has been able to sustain above USD 1150/Oz levels on the back of a moderate weakness in the USD index. However, the upside is being capped by the increased probability of a rate hike in the US after Greek deal was reached on Monday.
Meanwhile, the losses are being also capped by moderate weakness seen in the major equity markets across the globe. The Shanghai Composite Index snapped a three-day rally to end 1.12% lower today. The German Dax is also trading moderately weak.
Gold Technical Levels
The immediate support is seen at 1150, under which the metal could target 1147.2 (July 8 low). On the flip side, resistance is seen at 1157 (July 2 low) and 1165.00 levels.
(Market News Provided by FXstreet)