Gold prices inclined as the USD lost strength despite the German and Portuguese bond auctions that showed an spike in demand, increasing demand on the euro- area common currency, accordingly, the euro rose against US dollar, while stocks in Europe pared early gains.

Euro advanced sharply against the U.S dollar after the International Monetary Fund said that it could expand its capacity to 1 trillion dollars from 385 billion dollar in order to support the global economy and prevent the debt crisis from spreading outside the euro-area region.

Accordingly, we should expect more fluctuations for gold, but should the current pessimism persist, we should expect gold prices to extend the rallies, however, the level of uncertainty is very high, and investors are ought to remain cautious.

Gold Pivot Points (Time Frame: 1 Day)

 Name  S1  S2  S3  Pivot  R1  R2  R3

 Classic
1647.4000
1633.0500
1623.4000
1657.0500
1671.4000
1681.0500
1695.4000

 Fibonacci
1647.8820
1642.2180
1633.0500
1657.0500
1666.2180
1671.8820
1681.0500

 Camarilla
1659.5500
1657.3500
1655.1500
1657.0500
1663.9500
1666.1500
1668.3500

 Woodie's
1649.7500
1634.2250
-
1658.2250
1673.7500
1682.2250
-

 DeMark's
1676.2250
-
-
-
1652.2250
-
-