Gold Sharply Up

Gold took a turn north in yesterday's US trading session and passed the key psychological level of $1,200.00 thus making a four week-high. Two reasons stand behind this: safe-haven demand due to Greece debt worries and a bullish tone from the Federal Reserve on Wednesday afternoon.

Technically, gold bears still have the short-term advantage, moreover if the prices settle around the $1,200.00 level and no fresh news are released to support the rising of the yellow metal. Bulls' next target would be $1,205, then $1,210 and then the May high of $1,232. Bears' next objective would be to break the support line of $1,192, $1,183 and then this week's low of $1,171.

Chart: D1