Word on the street is that sovereigns are lining up bids towards $1520/25 as well as some physical demand from Asia at the same level, but the metal’s under pressure on the back of all the Greek failure to form a government, as well as a soaring USD Index and collapsing crude oil prices.
Trader’s are also citing interest in the 100 week MA around $1515.30 as the key level to hold to avoid another move lower of around $200.
Not everyone’s that bearish though, with the Washington Post/ Bloomberg reporting this morning that Soros , Eton Park raised their Gold ETP Holdings before the recent price drop… More
Spot gold’s sitting around $1530 having been as low as 1527.15 recently
