The precious metal is trading within the range from the past few days. This comes as the European Central Bank is due to meet later today. The markets are expecting the ECB to announce plans to restart QE and potentially even cut interest rates lower. The dovish forward guidance could influence gold prices in the short term, to the upside.
Will XAUUSD Breakout from the Resistance?
Gold prices have been trading rather flat just below the resistance area of 1431–1428 level. This sideways range could remain in place in the short term. The bias remains mixed at the moment, however. Gold prices could see an upside breakout if it manages to close convincingly above the resistance area. Alternately, we expect the lower support at 1404 to hold the declines for now.
