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MTECHTIPS:-Gold edges lower in risk-off trade, but safe haven buying supports
Gold futures edged lower during European morning trade on Monday, pressured by a stronger U.S. dollar,but losses were limited as some safe haven buying re-emerged in the wake of weekend elections in France and Greece.On the Comex division of the New York Mercantile Exchange, gold futures for June delivery traded at USD1,638.55 a troy ounce during early European trade, shedding 0.4%.It earlier fell by as much as 0.55% to trade at a session low of USD1,634.85 a troy ounce.Gold futures were likely to find short-term support at USD1,625.55 a troy ounce, the low from April 25 and resistance at USD1,672.15, the high from May 1.Market sentiment was rattled after Socialist challenger Francois Hollande defeated French President Nicolas Sarkozy and pro-bailout Greek political parties took a drubbing according to exit polls in from Sunday's parliamentary elections.The weekend election results triggered fresh uncertainty over Europe's ability to tackle its debt crisis.
Gold futures edged lower during European morning trade on Monday, pressured by a stronger U.S. dollar,but losses were limited as some safe haven buying re-emerged in the wake of weekend elections in France and Greece.On the Comex division of the New York Mercantile Exchange, gold futures for June delivery traded at USD1,638.55 a troy ounce during early European trade, shedding 0.4%.It earlier fell by as much as 0.55% to trade at a session low of USD1,634.85 a troy ounce.Gold futures were likely to find short-term support at USD1,625.55 a troy ounce, the low from April 25 and resistance at USD1,672.15, the high from May 1.Market sentiment was rattled after Socialist challenger Francois Hollande defeated French President Nicolas Sarkozy and pro-bailout Greek political parties took a drubbing according to exit polls in from Sunday's parliamentary elections.The weekend election results triggered fresh uncertainty over Europe's ability to tackle its debt crisis.
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