Gold continues recovery move started after a failed attempt of breaking below a key support at $1,680. Precious metal is trading higher for the third day in a row as lower yields allow gold to catch a breath. Gold may become more active in the early afternoon when ECB announces its monetary policy decision (decision - 12:45 pm GMT, press conference - 1:30 pm GMT). ECB members have recently talked down yields and gold may receive a boost if words are followed by actions today.
From a technical point of view, the nearest resistance to watch can be found at $1,752 - the upper limit of local 1:1 market geometry. Key resistance marked by the upper limit of the large Overbalance structure can be found at $1,870.
Source: xStation5
Daily summary: Peace agreement draft lifts the market
Oil keeps rising: is there reason to worry?
Coffee hits November 2024 lows as Brazil heads for record harvest 📉
🛢️Chart of the Day – Oil Reacts to Trump’s Words Again. Real Drop or Just a Correction?