This is the “market talk” that may be a reason for the movement higher in the EURUSD today (along with Trichet comments). Looking at Gold, the price held the 38.2% of the last leg down in the precious metal at the 1503.98 level. This would be bearish from a technical perspective – regardless of the reported trade. Watch this level for clues from a technical perspective. If the price can stay below, the bias will remain to the downside. On the daily chart, Gold is also below trendline resistance at the 1501.63 level. Staying below this level would also be bearish from a technical perspective. (full story)