Gold Price Ignores The Panic
DAYTRADE PROFIT | Jul 02, 2015 02:38AM ET
Today we have non-farm payrolls, and U.S. market will close on July 3rd.
We also can see that for now, Greece doesn't seem to be impacting gold.
From the side of the private investor, we see that approximately 80% are holding long positions on gold. Investors have been adding to holdings as Greece’s debt crisis boosted demand for haven assets. Gold in global ETPs rose 6.3 metric tons last week, the most since February. The assets were at 1,592.2 tons as of Tuesday.
Stronger U.S. dollar will probably lead to more long-liquidations in the gold market in the near-term.
Technical: see the triangle that appears. Break down the support at 1162 will open the door for 1145-7 till the 1142.87 March low. If price recovers off 1162 and breaks up again 1189 area, it is possible that we will see a retest 1224-1231 area.
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