Gold went for a ride as the market struggled to digest big moves in the bond market as the ECB and BOE both pivoted to a more-hawkish stance.
Those moves have reverberated through FX with a big USD move lower, then a bounce on broad risk aversion.
This move looks to be technically-driven with stops below $1800 quickly running. As bonds steadied, there was a move to buy the dip and now it's completed the round trip.
In the bigger picture, I'm not sure there's much to take away here. The move was within the range of the four trading days. If anything, I would take it as a bullish reversal, but only if it can close above yesterday's high of $1810.
