Gold hits ST upside projection at 1,431 and reverses lower Wednesday

FXstreet.com (Barcelona) – As it was part of the recent “risk-off” trade, gold reversed hard to the downside once news of a more measured stance by the US towards Syria hit the wires.

Gold is clearly part of the current safety trade

Gold was continuing to rally early Wednesday, but was overbought and approaching 1,431 resistance. Sure enough, once resistance was tested (and slightly exceeded), the news of the US backing off their hard line stance came out, the DXY reversed higher and the recent beneficiaries of the safety trade – gold, silver and the Yen – …read more