FINANCEROLL – Gold is closing lower today at $1,244. This marks the fifth consecutive “down” day since breaking the base of our 2 month consolidation triangle. Initial target on this move is $1,232. It also represents the 76.4% Fibonacci retracement support of our $1,185 to $1,392 range since December 31, …
FINANCEROLL – Brent (108.94) is falling sharply and may test support near 108.5 which if holds may help Brent to bounce back to 110, else the correction may extend downwards to 108-107.5 before starting a fresh rise again.
Market Anticipated ECB Meeting
FINANCEROLL – The highly anticipated meeting Thursday of the European Central Bank could set the tone for the gold market next week, with expectations that the ECB will take some action to combat persistently low inflation and credit growth in the eurozone.