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Impact of ECB Decision : Gold Again Gaining Safe Haven Status

(XAUUSD : 4 Hour Chart)

Gold also showed some movement today after ECB Monetary Policy decision. It was also consolidating within a descending triangle prior to the announcement. ECB decided to cut Benchmark Rate to .15% from .25% and deposit rates to -.1%. Currently the 50 day SMA seems like acting resistance for the pair. If not the pair may also go up to 1260.57. Gold is still having safe haven status as whenever there is some uncertainty in any major economy of the world or in a lower interest rate economy, Gold prices rise. However tomorrow’s US Unemployment Rate and Non-Farm Employment Change data may also bring some changes to the precious metal.

6/6/2014 at 8:30 AM EDT : Non-farm Employment Change, Unemployment Rate