Corona virus news:
The European Central Bank (ECB) has launched an emergency €750bn ($820bn; £700bn) package to ease the impact of the coronavrus pandemic.It will buy government and company debt across the eurozone, including that of troubled Greece and Italy.
ECB boss Christine Lagarde tweeted "there are no limits" to its commitment to the euro.
In recent weeks central banks and governments around the world have announced major stimulus plans.The so-called Pandemic Emergency Purchase Programme comes just six days after the ECB unveiled measures that failed to calm markets, piling pressure on it to do more to support Europe's economies.
Announcing this latest move Ms Lagarde said the ECB will do everything in its powers to support the euro in these "extraordinary times".
Technical analysis:
Gold has been trading downwards as I expected yesterday The breakout of the Pitchfork mini upward channel is good sell signal.
The downward targets are set at the price of $1.400 and $1.350 (Warning line1).
My advice is still to watch for selling opportunities on the rallies using the intraday frames 15/30 minutes with the main target at $1.350 (Pitchfork Warning line 1).
MACD oscillator is showing new momentum down in the background, which is strong sign of the bearish pressure.
Resistance level is set at the price of $1.555
Support levels and downward targets are set at the price of $1.400 and $1.350.
