25 Jun 2015
Gold ticks higher on Greek impasse and sell-off in Asian stocks
FXStreet (Mumbai) - Gold prices advanced moderately on Thursday to hit a Asian session high of USD 1177.30/Oz as Asian stocks turned risk averse after Greek talks ended with no agreement on Wednesday.
Gold stuck at hourly 50-MA
Prices currently hover around the hourly 50-MA located at USD 1177.46/Oz. The metal advanced today, after posting losses for three straight sessions on the back of the weakness in the Asian equities. The Greek impasse triggered moderate risk aversion in equities, leading to a rise in safe havens.
Ahead in the day, the Greece issue should continue to drive the trading in the safe haven metal. The major European equity index futures are pointing to a weak start. Risk aversion in the European equities could further strengthen the demand for Gold.
Gold Technical Levels
The immediate resistance is seen at 1179.8, above which gains could be extended to 1186.03 (hourly 200-MA). On the flip side, a break below 1175 could see the metal target 1170.3.
Gold stuck at hourly 50-MA
Prices currently hover around the hourly 50-MA located at USD 1177.46/Oz. The metal advanced today, after posting losses for three straight sessions on the back of the weakness in the Asian equities. The Greek impasse triggered moderate risk aversion in equities, leading to a rise in safe havens.
Ahead in the day, the Greece issue should continue to drive the trading in the safe haven metal. The major European equity index futures are pointing to a weak start. Risk aversion in the European equities could further strengthen the demand for Gold.
Gold Technical Levels
The immediate resistance is seen at 1179.8, above which gains could be extended to 1186.03 (hourly 200-MA). On the flip side, a break below 1175 could see the metal target 1170.3.