Gold prices traded flat around USD 1175/Oz as investors weigh up the outlook for the US economy and interest rate increases, and whether Greece will reach a compromise with its creditors and keep its place in the Eurozone.
Awaits US data
The Gold traders await US data – Personal spending (expected 0.7% in MaY) and initial jobless claims for the week ended June 19 (expected 272 K). The investors will watch out for signs of a pick up in the personal spending amid sustained labour market strength. An upbeat data could cement rate hike expectations and weigh over the yellow metal.
Meanwhile, Greek impasse could put a floor under the yellow metal. The latest news over Greece – take it or leave it offer – helped prices recover minor losses.
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.