FXStreet (Mumbai) – Gold prices fell on Tuesday as investors await fresh news regarding Greek debt crisis from the Eurozone summit.
Sentiment bearish towards bullion?
The safe haven metal has failed to respond repeatedly to the ongoing Greek crisis, which highlights the bearish sentiment towards the metal. Moreover, the metal failed to strengthen even though the September rate hike expectations fell in the US after the release of the disappointing payrolls data in the US.
The investor positioning also reflects the bearish sentiment. As per the Commodity Futures Trading Commission data, hedge funds and money managers increased their short positions to the highest on record in the week ended June 30, while the non-commercial dealers boosted their short positions to a two-year high.
The metal currently trades at USD 1167/Oz, down 0.50% for the day.
Gold Technical Levels
The immediate resistance is located at 1167.40 (hourly 50-MA), above which the metal could target 1172.10 (10-DMA). On the flip side, a break below the immediate support at 1162.10 (previous month low) could push the metal lower to 1143.50 (March low).
(Market News Provided by FXstreet)