Gold has fallen below $1600 after punching to $1624 after the BOE increased QE. The key levels remain the triple-bottom at $1525.
Gold is caught in the whipsaw today but, overall, the case for gold buying has increased today. Dovish central banks and a zero deposit rate in Europe makes it a more attractive asset compared to other safe havens. US employment might diminish the chance of Fed printing but a strong NFP tomorrow will be seen as an aberration.
The key metric to watch is gold priced in euros which is flat on the day after a rally to 1300. The chart is in a major wedge formation but could pull back further after several days of gains.
