The US economic data was the major hurdle for the bulls who were expecting that the long term fundamentals look gloomy, if we subtract the Greece situation and a rate hike will take place this September. However, the data have not pasted that much rich picture as the wage growth was the major downbeat element.
Having said this, going into the weekend, the volatility is even higher because, regardless of whatever the outcome will be, a messy week will be waiting for traders. The reason is this that with a Yes vote, we will have the uncertainty about the new government coming in power, and how that will tackle the entire situation. With a No vote, the question is how Mr Tsipras will initiate any kind of negotiation with creditors who are not willing to look at them under a No vote.
Yet, the investors are very optimistic that some how they will see some elastic behaviour from creditors who will strike a deal with Greece and this is keeping the lid on any meaningful upward movement for gold.