The precious metal continues to remain trading flat, albeit close to the seven-year highs. The dovish ECB message saw some bounce in the precious metal, which faded over the intraday session.

Gold prices were also muted to the weekly jobless claims report. With the Fed meeting due next, we expect this flat trading to continue.

XAU/USD Testing the Resistance

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The precious metal pared losses and is once again back near the resistance area of 1562. The ascending triangle pattern remains in play. An upside breakout will potentially trigger further gains.

However, this will put gold prices to test the previous highs. Failure to breakout higher could result in either price consolidating or perhaps correcting lower.

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