Gold Trade Has Been Tied to Greece and Movement in Foreign Currency

Gold continues to trade in a range, and Tom Vitiello of Aurum Options Strategies says gold correlations hold together for about 2-3 days then fall apart. The latest rally in the beginning of the week was most likely attributable to Greece and the euro trade. Vitello says gold is continuing to hold up relatively well because of the global deflationary environment. Levels to watch with gold trading range bound is the 200-Day Moving Average Range of $1,253-$1,285 heading into the all-important Non-Farm Payroll data on Friday, which could be a catalyst for a move either way.