Gold At Short-Term Resistance. Now what?

Gold could not care less for the developing situation with the Greek debt. It has its own way and its own behavior that has nothing to do with EU meetings, creditors or countries' defaults.

The yellow metal is strictly following the downward trend and earlier today hit the resistance line and reached its peak at $1,166.48 only to retreat a bit lower currently trading at $1,162-$1,163/oz. It is worthwhile to keep watching price's behavior and see whether it is going to break resistance, as this is only H1 chart. Odds are stacked on further price lowering due to lack of major news except the Greek debt crisis, but the impact on Monday could not be felt and did not make a difference which caused traders and investors to quickly lose interest.

Chart: H1 XAUUSD