XAUUSD (1298.96): Gold prices remained flat on the day despite the short term volatility and the weaker U.S. dollar. Price action remains stuck below the resistance level of 1304 – 1301 level and today’s ECB meeting could likely be the catalyst for a breakout from this range. The downside target at 1282 remains intact, which could be tested in the event of a decline in gold prices. To the upside, gold prices are expected to test the 1325 level provided the resistance level is breached.
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