Spot gold is staging a recovery this morning in Asia with a rally to $1739 in recent trade after opening at $1733.75 and dipping to $1726.10 in early trading. The metal hit lows in NY yesterday of $1724.50 on headlines that ECB issues might temporarily block the Greek debt agreement. The EUR/USD has risen this morning back through $1.3300 on renewed optimism that the outstanding issue over pensions will be agreed by the Greek political leaders in time for the EU FinMin meeting in Brussels today. This and steady crude oil prices has added support to the metal this morning ahead of the ECB and BOE rate decisions, but the market to some degree remains direction less ahead of the Greek outcome. Gold has support now at yesterday’s lows of 1724.50 and $1710.30 with resistance at $1752.15 and $1762.80.
EasyForexNews Research Team