FXStreet (Mumbai) – The safe haven bids on Gold exhausted on hopes of Greek deal, pushing prices lower to USD 1198-1197/Oz levels.
Gold: Double top on the hourly chart
The metal fell below USD 1200/Oz after having faced rejection in the range of USD 1204-1206 for the second time on the hourly chart. The prices also took out the support of the hourly 50-MA located at USD 1199.52.
The metal has come under pressure even though the USD index weakened on hopes of Greek debt deal. Moreover, the exhaustion in safe haven bids pushed Gold as well as the USD index lower today. Ahead in the day, the focus would be on the Eurogroup meeting and EU summit.
Gold Technical Levels
The immediate resistance is located at 1204-1206, above which gains could be extended to 1210 levels. On the flip side, a break below 1192.4 could push the metal lower to 1187 (hourly 200-MA).
(Market News Provided by FXstreet)