Gold has tried lower but rallied off the floor after the US Dollar took a turn in the aftermath of rate decisions from the Federal Reserve and the European Central Bank this week.
Gold’s recent dip below an ascending trend line and subsequent test of support levels in the $1.936 – $1.945 area might ask more questions than it answers.
This may suggest that recent bearishness could have been rejected by the market for now and that the $1.936 – $1.945 zone might remain supportive.