Gold has been swinging wildly since Asia's opening, all driven by Greece's looming default/crisis news/updates over the weekend.
Despite the impending doom and gloom, the old news from 8 June that it will not be significant if they exited the EU was re-flashed in news articles and that promptly "coaxed" players to sell away the safe haven holdings.
Anyway you dice it, it seems what is propagated that, whether or not Greece is bailed out or exits the EU, is inconsequential anymore.
Gold was looking temporarily better when it was above 1185 and a closing above there will have likely eked it back towards 1200, but that is not to be now.
Back below 1180, it continues to look soft and pressured.
Interim supports are at 1171.50, 1168.50 & 1162.60 with minor supports at 1168.70, 1161.50 & 1144.60.
Interim resistances are at 1179, 1185.30 & 1194.80 with minor resistances at 1180.70, 1184.50 & 1191.
The daily/weekly trend changer points are at 1203.40/1163.50.
Get Gold Trading Chat, excerpts from there
Despite the impending doom and gloom, the old news from 8 June that it will not be significant if they exited the EU was re-flashed in news articles and that promptly "coaxed" players to sell away the safe haven holdings.
Anyway you dice it, it seems what is propagated that, whether or not Greece is bailed out or exits the EU, is inconsequential anymore.
Gold was looking temporarily better when it was above 1185 and a closing above there will have likely eked it back towards 1200, but that is not to be now.
Back below 1180, it continues to look soft and pressured.
Interim supports are at 1171.50, 1168.50 & 1162.60 with minor supports at 1168.70, 1161.50 & 1144.60.
Interim resistances are at 1179, 1185.30 & 1194.80 with minor resistances at 1180.70, 1184.50 & 1191.
The daily/weekly trend changer points are at 1203.40/1163.50.
Get Gold Trading Chat, excerpts from there
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