Gold remains well supported above $1,200. Dips are buying opportunities. Gold support is at $1,213 and $1,205, resistance at $1,226 and $1,231. We still favour gold in euro terms relative to gold in dollar terms. The euro has crashed to $1.2110 — a four-year low to the dollar. Our target for the euro remains at $1.15. Some report believe that gold will touch record highs in dollar terms soon. The gold price likely to see it trading above $1,300 in Q3/Q4:10.There are many macro-economic risks, as confirmed by Spain’s ratings downgrade on Friday. We look to equity markets for direction on risk appetite. The 200d MA still provides strong resistance to the S&P and Dow in the US. Both indices attempted a close above this level on Thursday/Friday — neither did. Looking at the US futures market, both indices seem headed down today.
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