Gold is moving on the emotional reaction that followed the ECB conference and the announcement of a new QE by Mario Draghi. His bazooka pushed bullion up to $1,524, but the rally did not last too long: while the euro was recovering, gold price started to lose some ground, with an unusual correlation: gold fell while the euro was appreciating against the dollar.
In just couple of hours however, gold was once again ready for another test to level $1,500. We are still in the lateral trading range of $1,477 – 1,433, marked by the lowest and the highest of the August 13 chart.
