Gold above $1200 again

FXstreet.com (Barcelona) - Gold is currently selling off from recent session and 2-day highs at $1245, about to break even for the day after a positive start of 3Q in the Asia-Pacific. The yellow metal managed to bounce from fresh near 3-year lows Friday at $1180. Silver is also currently retracing from fresh session highs, after paring all loses from previous week.

Oil though is weaker, with the long Gold short Oil spread bouncing from multi-year lows printed Thursday at 12.20 level. Better than expected Tankan index in Japan and Tokyo open selling seems to be behind the moves.