Spot Gold prices made modest gains on Wednesday as the metal tracked a return of risk appetite on hopes of a solution the Greek debt deal and talk of additional support from the IMF. The metal continues to hold above the 200 moving average around $1640.80, and a weakening USD index along with heightened physical demand out of Asia is helping to add some underpinning to prices. Gold opened yesterday at $1652.30 slipping in Asia to $1643.90 before rallying in Europe to $1659.50. NY then sold the metal back down to $1642.70 before a solid rally took the price back to $1662.50. Asian markets this morning have built on the bounce to $1666.50 before easing back to $1665 as Europe opens for business. Support today is seen at $1642 and $1631.50 with resistance up at $1678.25 and $1700.
EasyForexNews Research Team