By FXEmpire.com
The gold markets fell hard Tuesday as the Euro was pummeled. The gold markets and the Euro tend to move together over time, so this shouldn’t have been a big surprise at the end of the day. With the leftists in Greece willing to skip out on the austerity deal, this looks like we are going to enter a very tenuous time for markets. As the Euro sinks, the US dollar will rise in value. This in turn can often hurt gold. Because of this new threat, and the fact that the $1,600 was pierced on the session, we are now completely flat of this market, and would have to see significant bullish action to get back into the commodity. At the moment, we will need to see stability before that happens. In fact, that is exactly what we are looking for.
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Originally posted here
