FXstreet.com (Barcelona) - Gold kicked off a new week in a bearish tone as substantial selling pressure led prices to open at $1,195.00 zone, a $12 downside gap from closing value on Friday. As the Asian session advances, gold displays upward tendencies to eliminate today's gap. At present, price settles at $1,204.50 area.
At opening, investors seemingly reinstated short position on a slight rise of risk appetite after an important meeting between EU Ministers was held over the weekend to approve a rescue plan for the Euro currency.
However, a late intervention from EU members in Brussels, spelling out further details on a € 500 billion crisis mechanism package fell to receive a positive backlash from the Asian market and change recent tendencies as EUR/USD rally down continues and gold strength remains firm.
Over the past week, the precious metal rose nearly $30 hitting a new fresh-5 week high at $1,213.70 adding a 3rd straight week on the rise. Wary investors opted out on riskier assets leading to a sharp boost on safe-haven assets like Gold.
