Gold price keeps red around $ 1155 on stronger USD, Greek deal

Frankfurt (July 13)  Gold prices on Comex extends losses from the previous session and remains pressured in the European trading as news that Greece and its creditors reached a deal over a third bailout package for the cash-strapped country dented gold’s appeal as a safe-haven.

Gold falls on Greek agreement

Currently, gold trades -0.26% lower at 1154.90, having posted day’s high at 1163.80 and day’s low at 1152.90. The yellow metal was sold-off on Monday as a deal on Greece hit safe-have demand for the precious metal, with the rising greenback also weighing on the price.

Euro zone leaders finally agreed on Monday that Greece should receive a third package of financial aid, denting demand for gold that always increases its price in times of political and economic uncertainty.

Moreover, the US currency keeps breaking higher also backed by the latest comments of Fed Chair Janet Yellen that the central bank is on course to raise interest rates this year.

Later today, markets continue to monitor Greece headlines ahead of ECB’s ELA decision for Greek banks amid a relatively calm economic calendar.

Gold Technical Levels  

The metal has an immediate resistance at 1165 and 1170 levels. Meanwhile, support stands at 1150 below which doors could open for 1146.20 levels.

Source:  FXstreet