By FX Empire.com
Gold prices rose on Monday amid rising fears from the European debt crisis after Greece said it will miss deficit targets under its austerity plan to avoid default, which ignited a selloff wave around global equity and commodities markets, and investors sought gold as a safe haven, which provided gold prices with bullish momentum to gain.
The outlook for gold remains generally to the upside, however, we still expect volatility to continue to dominate gold prices, and that could still weigh down on gold prices, but overall, our general outlook for gold prices remains to the upside.
Traders will be following the Federal Reserve Bank’s Chairman, Ben Bernanke before the Joint Economic Committee, and markets will be focused on what Bernanke has to say.
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