Gold continues to look towards the Euro for direction on an intraday basis

Gold continues to look towards the Euro for direction on an intraday basis. The Central Bank liquidity changes have seemingly alleviated fears that the metal may be sold-off in a credit-crunch type scenario for the time being however, allowing gold to push higher. Gold is approaching the top of its recent wedging pattern with resistance emerging around $1,760/oz, and may well test that level this afternoon.