FXstreet.com (Barcelona) - Comments about the likely frustratingly slow progress in the labor market, while not hinting directly about intentions of policy easing (only being ready to take action if needed) sent Gold to a plunge, now down around -1.00% on the day.
The chart saw its price climbing up to 1599.60 high in the European sentiment on anticipation of the event. The XAU/USD fell to 1571.46 low and is currently trading at 1575.00.
“Although we are neutral until a breakout can be achieved, we see the 1520-25 region as being key to any further gains”, wrote MIG Bank analyst Bijoy Kar. “A break under this region is likely to have significant implications, with substantially lower prices anticipated on a push lower”.
The chart saw its price climbing up to 1599.60 high in the European sentiment on anticipation of the event. The XAU/USD fell to 1571.46 low and is currently trading at 1575.00.
“Although we are neutral until a breakout can be achieved, we see the 1520-25 region as being key to any further gains”, wrote MIG Bank analyst Bijoy Kar. “A break under this region is likely to have significant implications, with substantially lower prices anticipated on a push lower”.
