Gold lifted circa $ 1175

8 June, 2015

Gold prices on Comex extends its recovery mode in the European session, moving away from fresh three month lows reached at 1162.10 on Friday, as falling US dollar and European stocks boosts gold’s allure as an alternative higher yielding asset.

Gold heads towards $ 1177

Currently, gold trades 0.51% higher at 1174.20, having posted day’s high at 1077 and day’s low at 1168.60. Gold continues its upbeat momentum after the US dollar fell across the board on rumours that Obama believes that USD strength is a problem. 

Moreover, lower European equities amid Greece concerns and a stronger Euro also lends a helping hand to the yellow metal prices.

Meanwhile, the US dollar index, measuring the relative strength of the greenback against a basket of six major currencies, trades -0.10% lower at 96.28, retreating from 96.59 session highs. 

Gold Technical Levels

The metal has an immediate resistance at 1177 and 1180 levels. Meanwhile, support stands at 1168 below which doors could open for 1162 levels.


Source link  
Dollar risks getting dumped

While today's US inflation report is getting touted as being key for the short-term direction of travel for global markets, we're a bit more sceptical...

Gold drops to 4-month low

Gold (XAU/USD) hits a four-month low of $1256. 08 today as yield curve continues to collapse on speculation that tax reform would open doors for faster...

Euro approaching the support level

A break of $1.1800 would be technically important. Sterling, like the euro, appears to have traced out a reversal candlestick pattern-shooting...


Gold holds steady near 6-week highs

Gold trimmed of the early gains to a six-week high and retreated to the $1262 region during early the European session, albeit has managed to hold...

USD stays under pressure on politics

The US dollar inched up from a 13-month low against a basket of six major currencies touched in early trading, assisted by strongerthan-expected...

Dollar rebounds from multi-month lows

The greenback selling pressure seems to have abated for the time being, with the key US Dollar Index (DXY) bouncing off 9-month lows...


EUR/GBP jumps to fresh yearly tops

The EUR/GBP cross was seen building on previous session's strong up-move and has now jumped to fresh yearly tops near 0.8875...

USD: Fed being a little more hawkish

The dollar picked up over the past week, and this continued to be in reaction to a Fed that is being a little more hawkish...

EUR sluggish in recent weeks

EUR has also been surprisingly soft in light of the convincing win by French President Macron...

  


Share: