The precious metal is trading steady, albeit with some downside bias. Economic data on the day saw the BoJ leaving interest rates and QE unchanged. This was widely expected, leaving gold prices to remain flat.
Focus will now turn to today’s BoC meeting. With the overall sentiment among central banks being one of holding rates steady, gold prices have lost the impetus to build upon the rally late last year.
XAU/USD Consolidating Near Minor Resistance
Gold prices briefly broke to the downside from the minor trend line. However, price action pared losses.
Consolidation is taking place near the minor support/resistance level of 1562.80. The Stochastics is also looking slightly bullish. But a breakout above 1562.80 is needed to confirm the upside in gold.
