Gold trades steady ahead of the ECB rate decision

Frankfurt (Mar 5)  Gold prices trade steady around USD 1200/Oz levels, ahead of the European central Bank (ECB) rate decision due in a few minutes.

Gold: Lackluster trading continues

The metal continues to trade in the range of USD 1205-1998 amid mixed signals across the globe. The lower GDP target adopted by China for 2015 provides support to the metal, while the strength in the USD index is capping gains around USD 1205 levels. Given the ECB is likely to keep the interest rates unchanged, no major action in Gold prices is expected before the ECB president Draghi’s press conference.

Gold Technical Levels

The immediate resistance is seen at 1205.7, above which gains could be extended to 1216.64 levels. On the flip side, a break below 1199 could push the pair down to 1190 levels.

Source: FXstreet