Trading in the commodity complex was largely driven by the move in the U.S. dollar. On Tuesday Greece announced it will make a 300 million-euro payment to the International Monetary Fund due on Friday if it reaches a deal with its lenders by then, even if aid is not disbursed in time, a Greek government official said on Tuesday. As a result, the euro moved higher and the dollar weakened, which sent the price of gold higher. Eric Zuccarelli, independent metals trader on the NYMEX trading floor, tells TheStreet’s Jill Malandrino it has mostly been more of a technical trade in gold and it will continue to jockey around the $1,200 level as the Greece situation plays out and until there is more clarity with the timing of an interest rate hike in the U.S. Near-term, Zuccarelli says key levels to watch in gold are $1,220 to the upside and $1,165-$1,170 to the downside.
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