Gold forming short term bottom. Spreadone goes for STRONG BUY and reports Citi prop trading buying 310 @ 1557 and Barclays 190 @ 1662. Also, Goldman Sachs bought EURUSD 290 million @ 1.2833.
Gold and correlated markets including EURUSD forming very short-term bottom and could see a nice rebound, ahead of the ECOFIN meeting.
Bear in mind that short-term measures and rebounds will not endure the deflationary environment and that only straight QE3 will push markets up. On the downside, remember that Greece is already discounted.