For the past couple of weeks we’ve been talking about an upward sloping level of support that began at the start of January. Today gold has slipped back to that upward support line.
The reason for the sell-off seems to be because the head of the ECB came out and suggested that the Euro economy isn’t doing quite as well as all the heads of Europe have been trying to CONvince everyone it is.
Keep a close eye on the $1666 level to see if it holds after the knee-jerk reaction lower in gold.
Unsurprisingly gold price in €s has popped higher in expectations that Draghi intends manipulate the price of the € lower.
