Reverses sharply as risk-off back in vogue on disappointing Eurozone data. Technical set up suggests a minor correction likely in short-term. Focus on US data, US/China trade talks. Gold (futures on Comex) staged a sharp $4+ reversal last hour from fresh 2019 lows of 1273.05, as a sudden turnaround in the risk sentiment called on the gold bulls for rescue amid a resurgence of concerns over dwindling Eurozone economic growth, underscored by disappointing German and Eurozone private sector activity report for April. The recent market optimism fuelled by a positive slew of macro news from the US and China combined with upbeat US corporate earnings was quickly overshadowed by the renewed Euro area growth concerns. Therefore, markets immediately resorted to safety in the traditional safe-haven gold and propelled the prices sharply higher. Meanwhile, the corrective move higher in the bullion is also chart-driven, as the 4-hour chart pointed to the RSI being in the oversold territory. Therefore, the prices could recover further to the next upside target of 1280 levels (round number). However, markets view the latest uptick a dead cat bounce, as the Holdings of SPDR Gold Trust, the world’s largest gold-backed exchange-traded fund and evidence of investors’ confidence in the yellow metal, still remained around their lowest levels since Oct. 27th. Further, the daily chart continues to back the ongoing bearish bias (as explained here). Hence, the rates could stall its corrective bounce and resume the downside in the coming days. In the meantime, the commodity traders look forward to the US retails sales, jobless claims and Philly Fed manufacturing index for near-term trading opportunities heading into the long Easter weekend. Gold Technical Levels FX Street FX Street FXStreet is the leading independent portal dedicated to the Foreign Exchange (Forex) market. It was launched in 2000 and the portal has always been proud of their unyielding commitment to provide objective and unbiased information, to enable their users to take better and more confident decisions. View All Post By FX Street FXStreet News share Read Next EUR/USD suffers from weak German data ahead of Easter Yohay Elam 4 years Reverses sharply as risk-off back in vogue on disappointing Eurozone data. Technical set up suggests a minor correction likely in short-term. Focus on US data, US/China trade talks. Gold (futures on Comex) staged a sharp $4+ reversal last hour from fresh 2019 lows of 1273.05, as a sudden turnaround in the risk sentiment called on the gold bulls for rescue amid a resurgence of concerns over dwindling Eurozone economic growth, underscored by disappointing German and Eurozone private sector activity report for April. The recent market optimism fuelled by a positive slew of macro news from the US and China… Regulated Forex Brokers All Brokers Sponsored Brokers Broker Benefits Min Deposit Score Visit Broker 1 $100T&Cs Apply 0% Commission and No stamp DutyRegulated by US,UK & International StockCopy Successfull Traders 9.8 Visit Site FreeBets Reviews$100Your capital is at risk. 2 T&Cs Apply 9.8 Visit Site FreeBets Reviews$100Your capital is at risk. 3 Recommended Broker $100T&Cs Apply No deposit or withdrawal feesTrade major forex pairs such as EUR/USD with leverage up to 30:1 and tight spreads of 0.9 pips Low $100 minimum deposit to open a trading account 9 Visit Site FreeBets ReviewsYour capital is at risk. 4 T&Cs Apply Visit Site FreeBets ReviewsYour capital is at risk. 5 Recommended Broker $0T&Cs Apply Trade gold, silver, and platinum directly against major currenciesUp to 1:500 leverage for forex trading24/5 customer service by phone and email 9 Visit Site FreeBets ReviewsYour capital is at risk.