FXStreet (Mumbai) - Gold prices strengthened moderately to trade at USD 1203.6/Oz in the European session on signs of weakness in the USD index.
Gold: weak USD, Greek concerns support prices
The metal received support from the USD index, which weakened 0.28% to 97.61. Further support came from the news that Central banks in southeastern European countries have asked banking subsidiaries of Greek lenders in their countries to exit all exposures to Greek state bonds and treasury bills. The metal could be influenced by the Eurozone CPI and US CPI data due for release later today.
Gold Technical Levels
The immediate resistance is seen at 1209, above which gains could be extended to 1213.60 (200-DMA). On the flip side, support is seen at 1191.77 (50-DMA), under which losses could be extended to 1183.2.