XAU/USD Price Update: Gold Slips to $2,453.23 as ECB Keeps Rates Unchanged
- European Central Bank’s decision to leave interest rates unchanged fails to spark action.
- US Dollar strengthens on mixed data and higher Treasury yields.
- XAU/USD sees second day of decline, but downside potential limited.
Spot Gold is trading slightly lower on Thursday, near $2,460, as the US Dollar gains traction with rising bond yields and a shift in market sentiment. The ECB’s decision to maintain rates as expected and cautious comments on future cuts prompt investors to seek safety.
While US data reveals a mixed bag, with higher Jobless Claims but improved Philly Fed Manufacturing Survey, the overall impact on the Dollar remains limited, suggesting a corrective move.
Technical Analysis: XAU/USD Outlook
In the daily chart, XAU/USD shows mild selling pressure but remains well above key moving averages, indicating a potential dip rather than a major decline. Short-term indicators suggest limited downside risk.
On the 4-hour chart, the pair continues to hold above bullish moving averages, with support at $2,370. Technical signals remain positive, with resistance levels at $2,465 and $2,483.70.
Analysis: Despite recent pullbacks, XAU/USD remains in an uptrend with support levels at $2,448.90 and $2,435.50. Resistance is seen at $2,465 and $2,495. Understanding these levels can help traders navigate market movements and make informed decisions.