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Gold Down on Lack of Safe-Haven Demand, Higher USDX and Bearish Charts
Jul 1,2015 18:05CST
industry news
Source:SMM
Gold prices ended the U.S. day session low and hit a three-week low Tuesday.

By Paul Ploumis 01 Jul 2015 Last updated at 06:14:34 GMT

(Kitco News) - Gold prices ended the U.S. day session low and hit a three-week low Tuesday. The deteriorating Greek debt crisis has so far failed to roil world markets, or support safe-haven gold. A stronger U.S. dollar index on this day and the continued bearish technical posture for gold also had the sellers in firm control Tuesday. August Comex gold was last down $7.00 at $1,171.90 an ounce. September Comex silver was last down $0.06 at $15.635 an ounce. Silver prices closed at a technically very bearish monthly and quarterly low close today.

Tuesday is the last trading day of the month and of the quarter, which makes it an extra important trading day from a technical perspective. It’s technically significant when a market closes at or very near its monthly (or quarterly) high or low for that period.

The Greece government needed to make a more than 1 billion Euro debt payment by the end of today, or be technically in default. That won’t happen. Last-minute scrambling by both Greece and the EU may or may not find a way to once again kick the can down the road on the debt repayment/new bailout money matter. Reports said the Greek prime minister may have a late change of heart and accept an EU deal. Greek banks remain closed and Greece’s prime minister has called for a July 5 referendum on new austerity measures. Greece is now closer than ever to exiting the European monetary system.

European stock markets were lower again Tuesday on the Greece worries. However, U.S. stock indexes were posting rallies Tuesday afternoon and the rest of the world market place is a only bit anxious about what’s happening with Greece--and by no means is the anxiety anything close to panic. Once again, the fickle nature of markets, traders and investors could see today’s relative calm quickly deteriorate into fear by Wednesday or Thursday.

The London P.M. gold fix is $1,171.00 versus the previous A.M. fix of $1,175.00.

Courtesy: Kitco News
 

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