The price of gold is trading slightly down ahead of the ECB meeting. Much will depend on whether the will cut its interest rates by 10 basis points or not. A rate cut can lead to a growth in the price of gold . Investors are also concerned about possible extension of the quantitative-easing programme, but economists doubt the Regulator will apply such measures.
Support and resistance
If the nearest of 1245.18 is broken down, the price might head to 1222.10.
The nearest is 1245.18.
The nearest is 1277.00.
Long positions can be opened from the level of 1245.18 with the target at 1270.00 and stop-loss at 1239.00.