FXstreet.com (Barcelona) - Gold prices suffered a sharp fall on Wednesday although strongly corrected to the upside to close firm at $1,175.00. Gold declined to touch a fresh 1-week low at $1,155.00 on a second day of global panic in the equities and metals market.
The drive through 1-week lows failed to consolidate as a strong bullish burst stimulated by inflows towards safe haven assets led gold to skyrocket recovering all the ground and jumping above previous close to finish at $1,175.00.
The contradictory news coming out of Europe spurred high volatility as a sparky clash between bears and bulls ended with a $5 gold appreciation. What is more, over the past 2 weeks gold correlation with the € seems to be loosing reliability.
