Global macro overview for 08/02/2016:

It's been a while since important news from Greece created sudden changes on financial markets. It looks like today is the day: Greek assets are again the ones that are suffering the most. The biggest sell-off has been observed on the Greek stock market where the main stock indexes were on the levels last seen in 1990 (bank sector was loosing the most today) and the bonds saw yields on 10-year securities rising to more than 10 percent. As a conclusion, we can say that it looks like a natural and quite obvious flight to safety is performed by most of the market participants. It means that with growing concern over global market turmoil and yet another stalled bailout review in Greece, investors abandon risky assets and buy any kind of safer assets ( gold, yen, US dollar, Swiss franc).

One of the most popular safe-heaven asset is gold and now we will take a look at its technical picture. On a daily chart we can see a typical down trend termination pattern in form of a V-shape reversal. The bulls are now trying to sustain the break out above the level of 1191. It is a line in sand for bears to regain the control over the price of gold. If the bears don't push the price below the resistance again, the next target for bulls will be seen at the level of 1231 and then 1307.