The gold markets essentially went nowhere on Thursday as the markets are focused on trying to understand what will come of the Greek elections on Sunday. The “risk off” trade will still dominate in general, as most traders won’t want to be bothered being long riskier assets before the weekend and the voting. Without a doubt, the falling of the risk trade should continue into the weekend, and as a result Friday is probably best thought of as a good chance to sell the riskier markets in order to profit from the fears of the larger funds out there.

As a result, we are fading rallies over the next 24 hours on a short term basis. We will cease all scalping before the weekend as well, as we simply do not know what could come of the weekend vote.

Click here to read Gold Technical Analysis.

Originally posted here