GOLD, back to 1200 again!
As I wrote in my previous EUR/USD analysis, the market players are turning to the US dollar again and the gold felt that as well with decline from 1225 to 1202 today. In this level, there is several technical supports which has stoped the fall for now and from where the precious metal is trying to recover, but there is not enough strenght. Maybe there is a question why the gold is falling as a safe heaven in these days and it will be a good one, but I can’t tell you the answer on that. You know, that the BOJ is ready to react, the SNB as well at the JPY and CHF (safe heaven) and in that case, the US dollar is favorable now. The gold could move a bit strange in the coming period, but I don’t see it too bearish from my point of view. Follow the technical levels now, the support near 1200 is working, next one is placed at 1190, 1175/80 the strong one. On the way back up, 1215 is first minnor resistance, 1220/25 the stronger one.