A break higher could see it test $1,557


Volumes in the Gold market are very low. All eyes are on the ECB meeting this afternoon. We expect hawkish comments and an indication that the ECB base rate will go up in July. The euro could strengthen further against the dollar if the ECB hints at a rate hikes. This would aid gold’s advance.

Gold has strong resistance at $1,550. A break higher could see it test $1,557. Support is at $1,536 and $1,529.

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