-
Gold outlook: Metal turns positive after ECB’s dovish hike
Gold was lower earlier, but after nearing the key $1900 level it has bounced back to turn positive. The gains are probably driven in part by short-side profit taking and after the ECB signalled it is done with rate hikes, earlier. Indeed, gold in euro terms found strong support with XAUEUR bouncing sharply off its 200-day average. XAUUSD, on the other hand, was still below its 200-day average, which means it is at risk of suffering renewed falls should the US dollar extend its gains further, after rising for 8 consecutive weeks against a basket of foreign currencies. Why has gold been struggling of late? The ... (full story)