Gold managed to break above its 50 period hourly moving average following two days of consolidation. The picture on it is pretty simple; market participants are awaiting for the ECB decision that will be taken tomorrow. Risk aversion, and investors waiting after a major risk event are the main reason for this consolidation.
Gold should find some direction this afternoon with the release of the ADP figures. If the latest shows an improvement, the price could resume it’s down trending move for the day at least with a target of 1238.6. Otherwise, to the upside the next resistance will be found at 1251.7$.
GOLD 1h Technical Analysis
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