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Gold Analysis: XAU/USD - Downside favoured amid risk-on, could test $ 1090 – key support

Discussion in 'Technical Analysis' started by FXStreet_Team, Jan 22, 2016.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

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    Markets were caught off-guard after the ECB turned out outrightly dovish, the ECB Chief Draghi citing reconsideration of the policy measures at its March policy meeting. Traders sold-off the EUR across the board on the back of Draghi’s jawboning, with the EUR/USD losing over 100-pips post-decision. This triggered an extensive USD rally and therefore, knocked the bullion (XAU/USD) to 1092.45 lows, before recovering some ground to close the day at 1100.72. Later in the NY session, gold found

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