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FXstreet.com (Barcelona) - Gold prices have been picking up during Asian session, and bounce from Wednesday's low at $ 1,074 extended during Asian session, breaking above $1.095/97 (Dec 22 and 23 high) to reach $1,105 high at European session opening.
On a longer-term perspective. Gold remains on the upside, according to James Chen, technical analyst at FX Solutions: "This month-long bearishness has thus far corrected the steep, and subsequently overbought, run-up in Gold that had occurred for several months prior to that all-time high being reached. Despite this current bearish correction, gold is still very much within the bounds of overall uptrending mode."
Gold recovery has been parallel to a Dollar retreat; EUR/USD bounced on Wednesday at 1.4215, fresh 3-month low, to reach levels around 1.4370, and the AUD/USD bounced from support at 0.8735 on Wednesday to reach levels around 0.8835 on Thursday's early European session.
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