What's with Gold?

With the currency controls in Greece one would expect that Gold would be once again regarded as the safe haven it has always been. But not this time.

Gold is currently trading at $1,175 which is below it's monthly average of $1,184.5. Gold's high for the month is $1,206 and Gold's low for the month is $1,163. Because of Greece default fears traders and investors are taking a flight to cash and bonds which leads to a rising U.S. Dollar.

Chart: H4

This Week's Events

With the IMF still expecting Greece to repay its $1.7 billion due Tuesday, all eyes are on the Greek imminent default. 

“Our expectation is that the payment will be made,” Gerry Rice, the fund’s chief spokesman, said Thursday at a regular press briefing in Washington. The fund’s longstanding policy isn’t to extend payment deadlines, and Greece would immediately be in arrears if the money doesn’t arrive, he said.

Nations that miss IMF payments are ineligible for further funds as long as they are in arrears. The lender’s procedures for dealing with overdue borrowers stretch over two years and culminate in potential expulsion from the fund’s membership.
Other major economic events of the week: (GMT00)

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Gold Still In Negative Territory

While the U.S. Dollar is rising due to uncertainty over the Greek debt crisis, the yellow metal is having a hard time pushing its price above $1,180. Yesterday's low of $1,170 was the result of lack of fresh news in the market and had technical traders in charge of the situation.

Negotiations between Greece and its creditors faltered on Wednesday as the latest proposed reforms by the Greek government were rejected by EU officials.

Discussions are expected to continue Thursday morning in Brussels.

Gold price: $1,174/1,175
EUR/USD: 1.1165/1.1168

All About Greece

With the coming meeting scheduled for later today (11:00 GMT) all eyes are on the Greek debt situation and a possible solution to end the Greek crisis, at least for a short period of time. The Eurogroup Emergency Greece Meeting (Lagarde, Draghi, Juncker, Dijesselbloem) is expected to hammer out a deal over the Greek debt.

However, the EU officials say that any settlement could take days to reach as Greece would probably not be able to pay any debts without the help from its creditors.

Chart shows that the Euro once again found the needed support at the level of 1.1150 and is currently trading at levels around 1.1200.

Chart: H4

Gold Weaker on Higher U.S. Dollar

High risk appetite can be considered as the main reason for the lower prices of Gold today. Due to the negotiations between Greece and EU officials, traders and investors disregard the yellow metal as a safe-haven and put their trust in the Greenback until a decision is made. The two parties are closer to an agreement on a deal with a meeting coming this Wednesday.

Technically, Bulls' next upside near-term price breakout objectives are as follows: $1,189; $1,205. First support at $1,175 and then $1,170.

Chart: H8

Gold at major resistance

The daily chart shows that Gold is faced with its greatest resistance since May 13 when it made the last high touching the resistance line and then falling back below it. 

Technically Gold is expected to continue its main trend down and here are the indicators to support it: On Daily, price is below 200SMA, meaning the trend is still bearish, if the yellow metal close the day below $1,200 it would be below the 0.618 Fibbo, and the latest uptrend support line starting from $1,143 was already breached a few days ago, and of course, price is at the key psychological level of $1,200.

Chart: D1