Barrick (ABX) (EGO) (NEM) Jump Monday

After starting off strong on Monday, gold futures were up and down the rest of the session, closing the day at $1,588.70 per ounce for June delivery, down slightly from Friday's close.

Barrick Gold (NYSE: ABX), Eldorado Gold (NYSE:EGO) and Newmont Mining (NYSE:NEM) all finished up on the day, as the U.S. dollar fell against the euro.

It appears gold is ready to move up again after it dropped to $1,527 an ounce last week, the lowest level in 2012. That reversed significantly when gold traders scrambled to cover their short positions.

Expectations are when gold prices move slightly above $1,600, investors will jump back into the gold market.

Even so, the volatility of the price of gold because of the perceived safety of the U.S. dollar, which has been strengthening of late, along with the sovereign debt crisis in Europe, has investors jittery, and most are buying on dips until they get more clarity.

It's highly probable the greenback will weaken sometime soon, as it's a flawed currency itself, although it's been strong against the euro lately because of the financial crisis in the euro zone.

The question is whether the U.S. dollar will rebound yet again as the euro falters in full view of the world.

If it does, it makes gold more expensive for other currencies, putting even more downward pressure on it.

Until the crisis in Greece is resolved, we'll see this being the ongoing scenario. Much of this is now driven by headlines.