Gold price flat near $1,160

July 10, 2015

New York (July 10)  The troy ounce of the precious metal is trading almost unchanged on Friday, currently hovering over the $1,160 level.

Gold down for the third straight week

Gold is closing its third consecutive week of losses in response to the better tone in the greenback as of late and concerns over the recent slump in the Chinese stock market.

In addition, hopes of a debt deal in Greece has also collaborated with the downbeat sentiment around the yellow metal in the last part of the week, with all the attention now on the Eurogroup meeting and EU Summit over the weekend.

Gold levels to watch

At the moment Gold is losing 0.02% at $1,159.00 and a break below $1,147.30 (low Jul7) would aim for $1,145.40 (low Mar.18) and finally $1,142.20 (2015 low Mar.17). On the upside, the initial resistance lines up at $1,174.88 (high Jul.6) followed by $1,178.70 (high Jun.26) and then $1,188.20 (high Jun.29).

Source: FXstreet

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