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Gold edges lower as markets digest Greek vote

Gold edges lower as markets digest Greek vote

Gold eased on Monday, giving up some of the previous session's sharp short-covering gains, but uncertainty over the prospect of fresh elections in Greece kept the metal underpinned near $1,200 an ounce.Greek lawmakers failed to elect a new president in a final round of voting on Monday, leaving it facing a snap election that could derail the international bailout programme it needs to keep paying its bills.

That knocked European stocks lower, while pushing up Greek government bond yields. Spot gold was down 0.2 percent at $1,192.45 an ounce by 1104 GMT, after a gain of 1.8 percent on Friday, when it had touched $1,199, its highest since Dec. 22 and its biggest one-day jump in 2-1/2 weeks.

Bullion's rise came in thin market conditions due to the Christmas and year-end holidays and it was unclear whether the last session's gains would be maintained when trading picked up again."Friday's sharp move was a typical non liquidity move, so naturally enough it gives back a bit today," Saxo Bank's head of commodity research Ole Hansen said. "We are less than 1 percent away from where we finished a year ago, and I do not think we will sway much away from current prices."

"(The news from Athens) raises the risk of Grexit (Greek euro exit) once again -- not the best climate for Europe to begin the new year," he added. "That could provide some support (to gold), although we need traders willing to put on risk and they are currently missing."U.S. gold futures for December delivery were down $2.80 an ounce at $1,192.50.Bearish sentiment in the bullion market was evident in SPDR Gold Trust, the world's largest gold-backed exchange-traded fund. The fund's holdings fell 0.08 percent to 712.30 tonnes on Friday, a six-year low.
 
I think Greek is a great factor for the price of gold and its overall outlook in that regards, I agree with the fact that there is a lot of uncertainty in the outcomes of the Greek elections and that's why Gold is now facing some downturns in its prices, I would suggest that traders need to wait for the outcomes and then place their trades.
 
I think Greek is a great factor for the price of gold and its overall outlook in that regards, I agree with the fact that there is a lot of uncertainty in the outcomes of the Greek elections and that's why Gold is now facing some downturns in its prices, I would suggest that traders need to wait for the outcomes and then place their trades.
Is Greek? Greek is a nationality. So are you referring to the people of Greece? Greece is the country and one of the country that uses Euro are their country currencies. The main factor in gold price movements is world economy health and not just Greece.
 
Man I know what Greece is all about, its that Greece was in news and market were moving due to potential exit news of Greece from the euro zone and that's why I said that Greece could be a great factor to determine the prices.
 
Yes, these kinds of even are always crucial! Actually, trading is all about the fundamental analysis! I am sure, which traders are doing their trading only based on the technical analysis; they are trading with lower accuracy; fundamental analysis is more important than the technical factors!
 
Hello Tom; I agree with your opinion on the fundamental analysis! Basically, there is no way without the fundamental analysis! Yes, all of successful traders are making their analysis based on the fundamental data.
 
Gold edges lower as markets digest Greek vote

Gold eased on Monday, giving up some of the previous session's sharp short-covering gains, but uncertainty over the prospect of fresh elections in Greece kept the metal underpinned near $1,200 an ounce.Greek lawmakers failed to elect a new president in a final round of voting on Monday, leaving it facing a snap election that could derail the international bailout programme it needs to keep paying its bills.

That knocked European stocks lower, while pushing up Greek government bond yields. Spot gold was down 0.2 percent at $1,192.45 an ounce by 1104 GMT, after a gain of 1.8 percent on Friday, when it had touched $1,199, its highest since Dec. 22 and its biggest one-day jump in 2-1/2 weeks.

Bullion's rise came in thin market conditions due to the Christmas and year-end holidays and it was unclear whether the last session's gains would be maintained when trading picked up again."Friday's sharp move was a typical non liquidity move, so naturally enough it gives back a bit today," Saxo Bank's head of commodity research Ole Hansen said. "We are less than 1 percent away from where we finished a year ago, and I do not think we will sway much away from current prices."

"(The news from Athens) raises the risk of Grexit (Greek euro exit) once again -- not the best climate for Europe to begin the new year," he added. "That could provide some support (to gold), although we need traders willing to put on risk and they are currently missing."U.S. gold futures for December delivery were down $2.80 an ounce at $1,192.50.Bearish sentiment in the bullion market was evident in SPDR Gold Trust, the world's largest gold-backed exchange-traded fund. The fund's holdings fell 0.08 percent to 712.30 tonnes on Friday, a six-year low.

Gold is my favorite trading pair; because it produces my daily trading target so early! Even though, I know it’s more challenging job to handle with, but my trading strategy provides more than 70% accuracy here.
 
Gold is my favorite trading pair; because it produces my daily trading target so early! Even though, I know it’s more challenging job to handle with, but my trading strategy provides more than 70% accuracy here.

Wow; such an amazing accuracy! By the way, do you have any particular system for gold? Or you are using the same strategy that you are using for general FX instruments?
 
With the passage of time market positions also change. Now the gold prices are going up against US dollar as the dollar is losing the power due to the political influence on the market. The verbal clashes between president Trump and Putin is really effecting the dollar badly. Am I right?
 
With the passage of time market positions also change. Now the gold prices are going up against US dollar as the dollar is losing the power due to the political influence on the market. The verbal clashes between president Trump and Putin is really effecting the dollar badly. Am I right?

Agree with you; accordion to me it’s a good opportunity for the long term buyers.
 
Commodity market is risky but then all the trading markets do have a risk factor. And talking about gold, one can invest in gold because gold is a good long term investment. I have made good profits by investing in gold.
 
But traders depend on technical analysis mostly because it doesn’t always provide accurate market signals. It brings bad fate for your trading.
 
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