15 Jul 2015
Gold trades lacklustre in range of USD 1152/Oz-1156/Oz
FXStreet (Mumbai) - Gold appears to have lost its shine as a safe haven and/or investment asset as the metal hardly reacts to economic data out major economies and remains fixated solely on the USD index.
Yellen speech eyed
Fed chairwoman Yellen will give her Semi-Annual Testimony at Capitol Hill during the European evening. The markets are expecting Yellen to reiterate the possibility of a rate hike in 2015, which could strengthen the USD and weigh over Gold.
Apart from Yellen’s testimony, the metal may also be influenced by the results of the Greek parliament vote due after NY closing. The metal did not respond to the better-than-expected China GDP data and moderate gains in the US index futures.
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 1150.00 and 1144.40 (previous session’s low).
Yellen speech eyed
Fed chairwoman Yellen will give her Semi-Annual Testimony at Capitol Hill during the European evening. The markets are expecting Yellen to reiterate the possibility of a rate hike in 2015, which could strengthen the USD and weigh over Gold.
Apart from Yellen’s testimony, the metal may also be influenced by the results of the Greek parliament vote due after NY closing. The metal did not respond to the better-than-expected China GDP data and moderate gains in the US index futures.
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 1150.00 and 1144.40 (previous session’s low).