Gold Movement
Gold prices traded lower by 0.64% against the USD in the 24 hour period ending 23:00GMT, at 1171.80 per ounce, after reports came in that Greece and its creditors were trying to negotiate a last minute deal, thus dampening the demand of the safe-haven yellow metal.
Separately, gold holdings of the SPDR Gold Trust, slid to 711.44 tons, from its previous close of 713.23 tons.
In the Asian session, at GMT0300, the pair is trading at 1174.00, with the gold trading 0.19% higher from yesterday’s close.
The pair is expected to find support at 1166.80, and a fall through could take it to the next support level of 1159.60. The pair is expected to find its first resistance at 1179.80, and a rise through could take it to the next resistance level of 1185.60.
The yellow metal is trading between its 20 Hr and 50 Hr moving averages.
