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Gold gains ahead of the ECB press conference

FXStreet (Mumbai) - Gold prices have moved into the positive territory ahead of the European Central Bank (ECB) press conference.

Gold is not trading 0.17% higher at 1147.60/Oz levels, after having hit a low of USD 1137.70 levels. Gold has inched higher as the markets believe the ECB would stay in a wait-and-watch mode today. Moreover, the ECB bought 4.8 billion euros of covered bonds in the first two weeks of a purchase program . However, markets re skeptical that the purchases, will be enough to meet Draghi’s goal of increasing the bank’s balance sheet by adding as much as 1 trillion Euros. Moreover, Gold prices rise with the expansion of balance sheet size of the major central banks.

Gold Technical levels

Gold has an immediate resistance at 1161, above which prices can rise to 1170. Meanwhile, support is seen at 1144 and 1137 levels.

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