Gold is set to post another weekly gain today after rising to its highest level in nearly three weeks. This represents the gradual approach for raising the interest rate by the Fed.
However, going into the weekend and today it is all about Greece’s acrimony in securing a deal with its creditors. The political casino is in its full swing and both sides are playing with both hands and not paying much attention how much they are risking- a confidence which is admirable in Vegas, but not when you are playing with something which can have devastating consequence. Nevertheless, this has pumped more demand for the precious metal.
The precious metal has formed a symmetrical triangle pattern on a 4 Hour time frame and the price is trading well above the its 50 and 100 day moving averages shown in yellow and red respectively.