MTECHTIPS Gold gains as hopes build for Greek bailout breakthrough

MTECHTIPS Gold gains as hopes build for Greek bailout breakthrough

Gold prices rose in Asian trading on Wednesday on talk policymakers may approve give Greece multiple aid payments in one lump sum, which sent the euro gaining and the greenback falling, a recipe for rising gold prices.On the Comex division of the New York Mercantile Exchange, gold futures for December delivery were up 0.13% at USD1,727.05 a troy ounce, up from a session low of USD1,725.75 and down from a high of USD1,729.15 a troy ounce.Gold futures were likely to test support at USD1,717.85  a troy ounce, Tuesday’s low, and resistance at USD1,732.85,  Tuesday’s high.German newspaper Bild reported that Greece could receive EUR44 billion in various financial aid packages bundled together in one lump sum, citing German government sources.Greece recently approved a new budget and a string of austerity measures to appease creditors, though eurozone policymakers have yet to disburse aid, and until that money hits Greek coffers, trading will remain edgy.Eurozone policymakers are scheduled to meet again to discuss Greece’s finances on Nov. 20, with a EUR31.5 billion tranche of aid pending approval, and hopes began to build that policymakers will free up the money for Athens.
WWW.MTECHTIPS.COM

07489294118