Gold prices slid after struggling to extend gains during the Asian session despite Greek impasse and weakness in the European stocks.
Currently, the metal is trading 0.40% lower at USD 1222.20/Oz levels. The immediate resistance is seen at 50-DMA located at 1236.59, above which prices could rise to the 200-DMA located at 1242.55 levels. On the flip side, support is seen at 1220 and 1216.6 levels, according to FXStreet.
The
latest bout of weakness in Gold could have been driven by the greenback's
recovery.
The yellow metal declined from USD 1228 to
trade at USD 1222/Oz levels as the USD index recovered from the low of
94.33 to trade at 94.53 levels.
In the meantime, market players do not seem to choose Gold despite the failure of the Eurogroup talks. The lack of safe haven demand further pressurizes the yellow metal.
