Gold price deep in red circa $1194
New York (Jun 22) Gold prices on Comex dived deeper in to losses as a safe-haven asset was curbed on Monday amid growing optimism that Greece will be able to avert default and remain part of the euro zone.
Gold recovers from 1192.20 lows
Currently, gold trades -0.63% lower at 1194.40, accelerating losses below 50-DMA. Gold prices weakened today as worries over the crisis in Greece eased as traders await an optimistic outcome from the Euro group meeting amid dozens of Greece headline already underway.
Meanwhile, the US dollar index, measuring the relative strength of the greenback against a basket of six major currencies, trades 0.10% higher at 94.41. A stronger US dollar makes dollar priced-in commodities more expensive for holders in foreign currencies.
While, traders also await US existing home sales data for fresh US dollar moves, eventually impacting gold prices.
Gold Technical Levels
The metal has an immediate resistance at 1200 and 1205 levels. Meanwhile, support stands at 1191.50 (May 13 Low) below which doors could open for 1188 levels.