Gold upside potential intact amid Greek tensions – FXStreet

FXStreet (Barcelona) – FXStreet Editor and Analyst, Dhwani Mehta, gives the outlook for XAU/USD, noting that the precious metal stands supported amid the ongoing Greek tensions and a possible Greece default.

Key Quotes

“Technically, XAU/USD slipped below 10-DMA and 20-DMA confluence zone around 1183.50-1182.50 levels and now trades at 1178.40 levels. The pair remains supported above 5-DMA located at 1176.48, printing fresh lows at 1177.14.”

“However, the daily RSI at 44 aims higher suggesting upward moves intact. Hence, the pair may regain lost momentum and swing back higher to retest the confluence around 1183.50-1182.50 zone. Beyond a break of last the pair may once again test daily highs at 1187.15.”

“To the downside, a break below 5-DMA support, the pair could retest the strong trend line support at the 1170 levels.”

“Overall, yellow metal is expected to remain supported amid ongoing Greek tensions with a likely Greek default expected ahead of tomorrow’s deadline.”

FXStreet Editor and Analyst, Dhwani Mehta, gives the outlook for XAU/USD, noting that the precious metal stands supported amid the ongoing Greek tensions and a possible Greece default.

(Market News Provided by FXstreet)