Gold paring gains ahead of the US session

FXStreet (Mumbai) - Gold was rejected at the high of USD 1187.64/Oz in the European session and has erased half of its gains ahead of the US session to trade at USD 1178.56/Oz.

Rejected at hourly 200-MA

The metal failed to sustain above the hourly 200-MA located at USD 1184.13/Oz even though the Greece is scheduled to go on the referendum on July 5th. The metal erased gains in line with most of the other safe haven assets.

At the moment, the metal is hovering just above its hourly 100-MA located at USD 1176.40/Oz. In the US session, the metal may be influenced by the pending home sales and regional manufacturing index.

Gold Technical Levels

The immediate support is located at 1176.40 (hourly 100-MA), under which losses could be extended to 1172.45. On the other hand, a break above 1184.13 (hourly 200-MA), above which the metal could rise to 1190.00.