Gold Support Test - 2550 Zone
The initial reaction in gold to the rate cut announcement was strong, with bulls pushing up for a test of the 2600 level. But that didn't last for long and prices soon started a rather quick pullback. At this point there's already been a bounce from the 2544-2550 zone and that bounce has come on quickly.
Reading this, along with USD and USD/JPY, through the Asian session tonight will be important. If bulls can't hold the bid, the next spot of support comes into play around prior range resistance from 2527-2531, and, notably, that latter level is confluent with the 50% mark of the fibo retracement from the September major move.
Reading this, along with USD and USD/JPY, through the Asian session tonight will be important. If bulls can't hold the bid, the next spot of support comes into play around prior range resistance from 2527-2531, and, notably, that latter level is confluent with the 50% mark of the fibo retracement from the September major move.
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