The precious metal was recovering off the declines from earlier this week. This comes as investors await the ECB to unveil its monetary policy plans. The main topic will be the ECB’s QE plans and its size. For the moment, markets remain mixed on the size and the scope of the bond purchase program.

XAU/USD Finds Support. Can it Bounce Higher?

Gold has managed to established support at 1485 as expected. Price action will remain flat in the near term within the levels of 1485 and 1508. A breakout from this range will set the direction in the near term. To the upside, watch for a potential lower high forming. This will indicate a possible start to a steeper correction.

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