Gold has pulled back yesterday towards the break out area and back tested it successfully as prices bounced from the break out area and are now close to their recent highs. As we said yesterday we remain bullish as long as the price is above $1,220.

There was an interesting session on the SP500 market as in the first hour after the start of the Wall Street session it fell over 2.0% (dropped under 2700 points). In the following hours, however, the bulls were more active on the market and the price continued to return to 2750 points.

The climate in the markets is again set by the stock market, and in Asia after two days of increases comes rebound after Monday's trade in Europe and the US has taken a negative turnover. On the currency market USD and JPY, they remind you of their safe-haven status.

EURUSD: euro bulls trying to recover the losses incurred over the unresolved Italian budget.

Previous:
Last week, nearly all the majors lost ground against the US dollar. Only commodity currencies made gains; namely the Aussie and Kiwi dollars. The biggest loser against the greenback was the pound (-0.64%). The loonie shed 0.62%, the Swiss franc 0.48%, the euro 0.39%, and the yen lost 0.27%. The Kiwi dollar gained 1.30%, while the Aussie rose by 0.12%.