Spot gold prices are trading around unchanged levels Friday with the precious metal remaining steady during Asian traded hours. Trading remains on a more subdued note ahead of Sunday’s Greek vote. Spot gold prices remain underpinned by fresh hopes of a hint of monetary stimulus by the U.S. Federal Reserve at next week’s FOMC meeting, after an unexpected rise in U.S. jobless claims fuelled talk of some possible intervention by the Fed, even though Federal Reserve Chairman Ben Bernanke warned back on Jun 7 that the Fed will need to assess conditions before deciding if additional measures are needed to stoke the economy. Spot gold prices stalled at resistance around $1628 yesterday, and were subject to a sharp move lower on the U.S. equity opening, but prices held at support around $1608/10. Some medium resistance remains around $1628/31, with stronger offers currently camped around the $1657/60 region which would look a little over extended ahead of next week’s FOMC meeting. Stronger support is seen around $1602 should prices break down below $1612. Gold last $1624.40.
EasyForexNews Research Team