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3 Jun 2015
Gold prices weakened in Asia amid Greek debt talks
FXStreet (Mumbai) - Gold prices turned lower from the high of USD 1195.60/Oz to trade moderately lower on the day at USD 1191.90/Oz amid uncertainties in the Greek debt negotiations and a weak US dollar.
The safe haven metal, along with other traditional safe haven assets, has been unable to extend gains amid Greek uncertainty. Traders are waiting discussions between Greece and its troika of creditors.
Earlier today, the prices had clocked a high of USD 1195.60/Oz on the back of a weak US dollar. However, a better-than-expected Australia’s GDP and Chinese services PMI weighed over the metal. Ahead in the day, the metal could be influenced by Greece news and services activity data in the US.
Gold Technical Levels
The metal faces immediate resistance is located at 1196.1, above which gains could be extended to 1204.4. On the flip side, a break below 1189.83 (hourly 100-MA) could push the prices lower to 1185.9.
The safe haven metal, along with other traditional safe haven assets, has been unable to extend gains amid Greek uncertainty. Traders are waiting discussions between Greece and its troika of creditors.
Earlier today, the prices had clocked a high of USD 1195.60/Oz on the back of a weak US dollar. However, a better-than-expected Australia’s GDP and Chinese services PMI weighed over the metal. Ahead in the day, the metal could be influenced by Greece news and services activity data in the US.
Gold Technical Levels
The metal faces immediate resistance is located at 1196.1, above which gains could be extended to 1204.4. On the flip side, a break below 1189.83 (hourly 100-MA) could push the prices lower to 1185.9.