9 Jul 2015
Gold turns positive, trades around USD 1163/Oz
FXStreet (Mumbai) - Gold recovered losses to trade around USD 1162/Oz as the spike in the Shanghai Composite Index and the resulting recovery in the risk sentiment pushed the USD lower across the board.
Gold tracking USD index
At the moment, the metal is taking its cues solely from the USD index. Moreover, this has been the case since the start of the week as the metal continued to fall despite broad based risk aversion in the markets, mainly due to the strength in the USD.
A reverse move is being witnessed today as the metal recovered from the low of USD 1154.50/Oz as the USD index fell into losses to trade around 96.20 levels. A 6% rise seen in the Shanghai composite has helped stabilize the risk sentiment and push the USD lower.
Gold Technical Levels
The immediate resistance is seen at 1168.80 (July 7 high), above which the metal could target 1174.40 (July 6 high). On the flip side, a break below 1161.90 (July 6 low) could see the metal re-test 1155.80 (July 2 low).
Gold tracking USD index
At the moment, the metal is taking its cues solely from the USD index. Moreover, this has been the case since the start of the week as the metal continued to fall despite broad based risk aversion in the markets, mainly due to the strength in the USD.
A reverse move is being witnessed today as the metal recovered from the low of USD 1154.50/Oz as the USD index fell into losses to trade around 96.20 levels. A 6% rise seen in the Shanghai composite has helped stabilize the risk sentiment and push the USD lower.
Gold Technical Levels
The immediate resistance is seen at 1168.80 (July 7 high), above which the metal could target 1174.40 (July 6 high). On the flip side, a break below 1161.90 (July 6 low) could see the metal re-test 1155.80 (July 2 low).