SNB has pushed gold to 1260!
SNB removes 1.20 cap and that was the trigger for gold bulls. Supported again at 1226 for the third day in a row, after the news from Switzerland gold is literally flew through previous reisistance at 1244 and touch 1260.90, the high of the day. At this moments gold is cooling down and searching for the new support on the way down. Could 1244 be the new level for the buyers? Strange day with unexpected moves from SNB, but I wrote on my morning gold analysis, that we could expect another attack at 1244.
This looks more like financial terrorism than anything else.
Mario do u think that it is legal action by the central bank ? just two days ago they said that the 1.20 on eur/chf is a cornerstone of thier policy and two days later they remove the cap themselves.. Jordan and his team should go to jail
Sure it’s legal. SNB loses credibility but it seams that they don’t care about that. They were losing too much money in this way and for them, only profit is important.