Gold continues descent, despite Greek political turmoil

New York (Dec 29)  Gold prices on Comex extended losses from the Asian session and drifted lower today, as Greece political instability failed to boost gold’s appeal as a safe haven asset.

Currently, gold trades at USD 1193.30/Oz, down -0.17% on the day, having posted day’s low at 1192.20 levels. Gold prices erased short-covering gains from the previous session and drifted lower as markets digest Greek’s failed attempt to elect a new president which called for snap elections in early 2015. The gold continues to remain bearish as the US dollar rebounded against most of its peers and traded close to multi-year peaks.

Gold Technical Levels  

The metal has an immediate resistance at 1199.10 (Dec 26 High), above which gains could be extended to 1203.60 (Dec 22 High) levels. Meanwhile, support stands at 1188.50 (Dec 18 Close), below which doors could open for 1170.70 (Dec 22 Close) levels.

Source: FXstreet