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22 Jan 2015
Gold gains USD 4/Oz after ECB rate decision
FXStreet (Mumbai) - Gold prices rose by USD 4/OZ to trade at USD 1289.60/OZ levels after the European Central Bank (ECB) left key rates unchanged.
The metal had dipped to USD 1284-1285/Oz levels ahead of the rate decision. Moreover, prices may have recovered on speculation that the ECB would the highly anticipated bond buying program at the ECB President Draghi’s press conference. Moreover, the bank did indicate that additional measures may be announced later after holding key policy rates unchanged. The metal is likely to gain strength as we head toward President Draghi’s press conference.
Gold Technical Levels
The immediate resistance is seen at 1292, above which prices could test 1300 levels. Meanwhile, support is seen at 1286 (5-DMA) and 1282.1 levels.
The metal had dipped to USD 1284-1285/Oz levels ahead of the rate decision. Moreover, prices may have recovered on speculation that the ECB would the highly anticipated bond buying program at the ECB President Draghi’s press conference. Moreover, the bank did indicate that additional measures may be announced later after holding key policy rates unchanged. The metal is likely to gain strength as we head toward President Draghi’s press conference.
Gold Technical Levels
The immediate resistance is seen at 1292, above which prices could test 1300 levels. Meanwhile, support is seen at 1286 (5-DMA) and 1282.1 levels.