Back
16 Jul 2015
Gold weakens moderately after US data
FXStreet (Mumbai) - Gold prices weakened moderately to USD 1142.90/Oz in the early US session after the labour department data in the US jobless claims fell more than expected last week.
Gold weakens on strong USD and dip in Greek led uncertainty
The yellow metal took a hit as the USD index strengthened to a high of 97.90 after the initial jobless claims printed below 300K for the 19th consecutive week. The safe haven demand also took a hit after the ECB raised the Greek ELA limit EUR 900 million over one week as required conditions have been met.
Meanwhile, the US stocks are trading with moderate gains in the early US session, which further weighs over the metal. Investors now wait for the second round of Yellen’s testimony to congress and the release of the regional fed manufacturing index in the US.
Gold Technical Levels
The metal faces resistance at 1162.10 (June 5 low), above which prices could target 1172.60 (July 13 high). On the other hand, support is seen at 1142.00 (March low) and 1130 (2015 low).
Gold weakens on strong USD and dip in Greek led uncertainty
The yellow metal took a hit as the USD index strengthened to a high of 97.90 after the initial jobless claims printed below 300K for the 19th consecutive week. The safe haven demand also took a hit after the ECB raised the Greek ELA limit EUR 900 million over one week as required conditions have been met.
Meanwhile, the US stocks are trading with moderate gains in the early US session, which further weighs over the metal. Investors now wait for the second round of Yellen’s testimony to congress and the release of the regional fed manufacturing index in the US.
Gold Technical Levels
The metal faces resistance at 1162.10 (June 5 low), above which prices could target 1172.60 (July 13 high). On the other hand, support is seen at 1142.00 (March low) and 1130 (2015 low).