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FXstreet.com (Barcelona) - Gold recovery from Tuesday's low at $1,074 has extended to $1.106 session high where the rally has been capped before pulling back to test support level at $1,100, under bearish pressure after post-claims Dollar pick up.
The Dollar has picked up and trimmed previous loses after a larger than expected decline in Jobless claims; EUR/USD retreat from 1.4420 week high has extended to 1.4385, while GBP/USD pullback from 1.6025 has reached 1.5960, and USD/JPY bounce from 91.10 has reached 91.65.
On a wider perspective, Gold's decline from $1,226 all time high is a corrective reaction within a general uptrend, according to James Chen, technical analyst at FXsolutions: "Despite this current bearish correction, gold is still very much within the bounds of overall uptrending mode. The drop that occurred this month has brought price down to a 61.8% Fibonacci retracement level of the run from the 985 low in early October to the 1225 all-time high. "
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