20 Feb 2015
Gold bounces-off lows at 1201.40, Greece debt talks eyed
FXStreet (Mumbai) - Gold prices on Comex edged lower during the European session, wiping out previous gains as markets anticipate an 11th hour deal to be reached at the upcoming Euro group meeting on Greek debt talk, dulling the safe-haven appeal of the yellow metal.
Gold rises from 1202.90 levels
Currently, gold trades lower by -0.27% at 1204.30 levels, having previously posted fresh session lows at 1201.40 levels some time ago. Gold prices extends losses as traders wind up their positions on Greek uncertainties ahead of Euro group meeting in Brussels, where Greece is renegotiating with Euro group to resolve a debt crisis. Moreover, a firmer US dollar across the board also added to the losses in gold prices.
Gold Technical Levels
The metal has an immediate resistance at 1211 (5-DMA) and 1218.43 (10-DMA) levels. Meanwhile, support stands at 1200 levels below which doors could open for 1191 levels.
Gold rises from 1202.90 levels
Currently, gold trades lower by -0.27% at 1204.30 levels, having previously posted fresh session lows at 1201.40 levels some time ago. Gold prices extends losses as traders wind up their positions on Greek uncertainties ahead of Euro group meeting in Brussels, where Greece is renegotiating with Euro group to resolve a debt crisis. Moreover, a firmer US dollar across the board also added to the losses in gold prices.
Gold Technical Levels
The metal has an immediate resistance at 1211 (5-DMA) and 1218.43 (10-DMA) levels. Meanwhile, support stands at 1200 levels below which doors could open for 1191 levels.