The precious metal managed to post gains for the second daily session as price settled at $1303.92 by Tuesday’s close. The market sentiment helped to push the price of the precious metal higher. With the ECB due to take center stage today, followed by the Fed meeting minutes, gold could remain in a holding pattern in the near term.
Is There More Room for XAUUSD to Rally?
Price action in XAUUSD currently shows that price has settled within the 1307 – 1301 level of resistance as noted few days ago. We expect price to remain flat within this level. However, the risks are balanced as there is scope for gold to breakout higher which could see price attempting to test 1320. To the downside, the support at 1287 – 1284 will be the level to watch.
