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16 Jul 2015
Gold trades flat around USD 1145/Oz
FXStreet (Mumbai) - Gold prices trade flat around USD 1145/Oz levels as metal remains under pressure on the back of hawkish comments from Fed chair Yellen.
Gold hurt by rate outlook in the US
The metal has consistently underperformed other safe haven assets during the recent turmoil in Greece and rout in Chinese stocks. Moreover, the increasing probability of a rate hike in the US is weighing over the metal.
The downward pressure was underscored further after Fed chair Yellen reiterated that rates could hike in 2015 as the labor market continues to improve. Ahead in the day, the metal could take cues from the movement in the USD index; which currently trades 0.10% higher at 97.38.
Gold Technical Levels
The metal faces resistance at 1162.10 (June 5 low), above which prices could target 1172.60 (July 13 high). On the other hand, support is seen at 1142.00 (March low) and 1130 (2015 low).
Gold hurt by rate outlook in the US
The metal has consistently underperformed other safe haven assets during the recent turmoil in Greece and rout in Chinese stocks. Moreover, the increasing probability of a rate hike in the US is weighing over the metal.
The downward pressure was underscored further after Fed chair Yellen reiterated that rates could hike in 2015 as the labor market continues to improve. Ahead in the day, the metal could take cues from the movement in the USD index; which currently trades 0.10% higher at 97.38.
Gold Technical Levels
The metal faces resistance at 1162.10 (June 5 low), above which prices could target 1172.60 (July 13 high). On the other hand, support is seen at 1142.00 (March low) and 1130 (2015 low).