Market Overview

Gold extended gains from a one-month low as investors assessed Greece’s political crisis, including the potential for the country’s exit from the euro zone, with diverging central-bank policies in the U.S and Europe. Silver, platinum and palladium climbed.

Bullion for immediate delivery rose as much as 0.8 percent to $1,197.97 an ounce, and traded at $1,195.79 at 2:31 p.m. in Singapore, reversing an earlier loss of 0.9 percent, according to Bloomberg generic pricing. The metal dropped to $1,168.34 on Jan. 2, the lowest level since Dec. 1, before rallying to end 0.5 percent higher as concern that Greece may exit the currency area boosted haven demand.

Greek Prime Minister Antonis Samaras said on Jan. 2 that victory for the main opposition Syriza party in the Jan. 25 elections would cause default and the country’s exit from the 19-member euro region, sending the common currency to the weakest since March 2006. Gold rose for the first time in four months in December as slowing economic growth outside the U.S prompts governments to boost stimulus.

“Political instability in Greece and expectations for quantitative easing in Europe combine to weaken the euro against the dollar,” said Lv Jie, an analyst at Cinda Futures Co. in Hangzhou, China. “The weaker euro should pressure precious metals lower but there may be an element of safety.”

Gold priced in euros climbed today to the highest level since September 2013, after advancing 12 percent last year. Der Spiegel magazine reported German Chancellor Angela Merkel is ready to accept a Greek exit as European policy makers strive to fend off a return of the region’s debt crisis that began in Greece in 2009

Pivot: 1177
Our preference: Long positions above 1177 with targets @ 1210 & 1223 in extension.
Alternative scenario: Below 1177 look for further downside with 1167 & 1160 as targets.
Comment: The RSI is bullish and calls for further advance.
Supports and resistances:
1239 **
1223 **
1210 ***
1196 Last
1177 *
1167 *

Pivot: 15.5
Our preference: Long positions above 15.5 with targets @ 16.32 & 16.5 in extension.
Alternative scenario: Below 15.5 look for further downside with 15.2 & 15 as targets.
Comment: The RSI is mixed with a bullish bias.
Supports and resistances:
17 **
16.5 **
16.32 ***
16.05 Last
15.5 **
15.2 **
15 *
14-03-1436 هـ, 11:32 صباحاً

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