As markets await the Greek vote on Sunday, INTL FCStone says they are not making any changes to their short-term bullish stance on gold. “In terms of our outlook, the next ‘shoe to drop’ as far as the markets are concerned are the Greek elections taking place this weekend. At this point, the polls show the opposition Syriza party widening its lead to about 6% over the governing conservatives,” they say in a report on Friday. “Assuming they get in, we suspect that the Euro will likely open weaker again on Monday, helping gold in the process.” They add that they see the potential of more economic uncertainty and positive chart patterns, which provides a “constructive backdrop for further gains in gold.” The report notes that $1,320 and $1,350 an ounce price tag on gold are both “achievable upside targets” for the metal.
