Gold prices attempted a rally earlier on Wednesday only to give up those gains. But price action is trading below the 1655 handle for the moment. A convincing close below this level is required, for now, to create the downside bias. The next support is at 1631 handle.
We expect gold prices to remain muted in the run-up to the ECB meeting. The direction in the prices could likely be set following the outcome of the monetary policy meeting
