Gold prices advance as fears over Greece hit riskier assets

FXStreet (Mumbai) - Gold prices extended gains for the second consecutive session as concerns regarding Greece’s futures in the Eurozone curbed risk-on buying in the markets.

Gold tests 200-DMA

Gold prices rose to the 200-DMA located at USD 1245.28 as markets believe the probability of Greece exiting the Eurozone has increased after the Greek PM took an increasingly hardline over the country’s debt. Meanwhile, the sharp decline in the Chinese CPI figure reported today triggered speculation of fresh monetary easing, which too supported Gold prices.

With the ongoing concerns surrounding Greece and a potential default, coupled with escalating conflict in Ukraine, gold prices could rise above the 200-DMA level of USD 1245.28.

Gold Technical Levels

The yellow metal currently trades 0.23% higher at USD 1244.30/Oz. The immediate resistance is seen at 1245.28 (200-DMA), above which gains could be extended to 1251.9 (Jan. 29 low). On the flip side, support is seen at 1233.01 (50-DMA) and 1228.4 levels.

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