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Gold Analysis: Upside favoured, $ 1230-1235 on sight

Discussion in 'Technical Analysis' started by FXStreet_Team, Feb 23, 2016.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

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    As anticipated, XAU/USD (gold price in terms of USD) extended the drop for the second straight session and almost reached $ 1200 barrier, before recovering some ground to finish the day at 1208.79. The bullion lost almost $ 14 yesterday as market sentiment improved amid risk-on rally in the global equities and also on a 6% jump in the oil prices. Moreover, sharp losses in the EUR and GBP on the back of intensifying Brexit fears, benefited the US dollar and weighed on the dollar-denominated

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