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Gold Analysis: XAU/USD Upside opening up towards $ 1155-1160 ahead of US NFP

Discussion in 'Technical Analysis' started by FXStreet_Team, Feb 4, 2016.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

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    XAU/USD (gold price in terms of USD) rallied to the highest levels since Oct 30 at 1145.50 on Wednesday after the US dollar was heavily sold into mounting growth concerns surrounding the US economy, triggered by disappointing sets of services PMI report from both ISM and Markit. With the US economy losing momentum, markets started losing faith in the Fed’s outlook for further rate hikes this year. Hence, the US dollar was relentlessly offered across the board, and the USD index dropped to

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