Gold Big Picture. The Bear cycle didn't end yet.Target 1140/1180

FX:XAUUSD   Gold Spot / U.S. Dollar
Here is the State of Play concerning Gold             . The precious metal is still in a Bear trend, but the cycle is about to end. Yet with the tension on Greece , the precious metal tend to go a little bit on the upside, but there is nothing that make this uptrend sustainable yet.
The downtrend continu until 1180, 1160 and even bellow, towards 1140 or 1080.

On the Chartist Front, yet there are no sign of reversal on any sensible timeframe.
On the Macro Economic Front, Since the risk concerning Greece has been contained, yet one has to wait for FED to increase its interest rate. This will have an impact on EUR/USD             parity and of course on XAUUSD             . But later on with the growing risk of inflation in USA and Europe, one has to thing that this will spark the light of Gold             and here we go....
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