Despite Mild Losses, Gold Remains Bullish

Gold started off the week on a moderately bearish note, as fears regarding the debt crisis in the euro-zone resulted in risk aversion in the marketplace. That being said, losses were mild and the precious metal remained bullish overall. Gold fell as low as $1609.43 an ounce yesterday, down just over $9 from when markets opened for the week. An upward correction brought prices above the $1615 level by the end of the day. Today, any movement gold sees is likely to be a result from announcements out of the euro-zone. Any signs of German opposition to plans to lower borrowing costs in Spain and Italy could result in risk aversion, which may cause gold to turn bearish during mid-day trading.

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