Gold's recent decline...

This week has been a major hit on gold's previous 4-week uptrend. Greece's debt "crisis" had people selling off the Euro, which in turn has given the dollar good strength and lowering gold's appeal as an alternative investment.

With today being Friday, this morning I saw even more selling off and was curious if it would hit my 1075.00 support level. So far it has shown a short-term support at 1081.00 for the day and since has climbed back toward 1100.00.

I think this morning's volatility has a lot to do with the day of the week...Friday. When trader's have seen the gold market get beat up all week, come Friday, there tends to be a large sell-off because people do not want to get burned over the weekend.

I am looking for later today/early Monday for gold to get much stronger. The Greece economic crisis will begin to fade in people's minds and we may also see some "bargain hunters" who are still bullish on this commodity.