Gold falls into losses, weekly loss or gain?
Singapore (Jun 12) The pair has declined from the weekly high of USD 1192.4, but still trades comfortably above the previous session’s close of USD 1171.4. A weakness in the USD, coupled with the rout in the bond market and safe haven demand due to the Greek issue had pushed the metal higher in the early part of the week.
However, the USD has made a comeback since the Asian session on Thursday, thereby pushing the metal lower to USD 1179.2/Oz. It remains to be seen if the USD strength pushes the metal below USD 1171.4/Oz, thereby leading to a weekly loss. Greece issue is likely to support the metal at lower levels.
Gold Technical Levels
The immediate resistance is located at 1188, above which gains could be extended to 1192.4. On the flip side, a break below 1177.5 (May. 4 low), under which the metal could target 1171.4 (previous week low).