After selling off for most of yesterday and testing the 1550 level again, gold received a boost overnight from news that the EU summit had come to some kind of agreement to assist Spain and Italy using bailout funds.
Gold is finding some resistance at 1570 and it remains to be seen how long the boost from the EU summit lasts.
There is significant resistance above with all of the moving averages and the 1600 round number, as well as the 1630 resistance area.
However the market is well supported in the 1525-1550 zone - something has to give eventually.
Gold is finding some resistance at 1570 and it remains to be seen how long the boost from the EU summit lasts.
There is significant resistance above with all of the moving averages and the 1600 round number, as well as the 1630 resistance area.
However the market is well supported in the 1525-1550 zone - something has to give eventually.