FXstreet.com (Barcelona) - All eyes are on the ECB and the BoE as both banks will announce their monetary policy decisions on Thursday. Uncertainty regarding the possibility of further monetary accommodation might “lend precious metals markets a downward bias going into tomorrow’s trading day,” says Marc Ground from Standard Bank.
On the other hand, if central banks proceed with interest rate cuts, it would “most likely prompt a positive reaction from precious metals.”
“Gold support is at $1,599 and $1,582. Resistance is $1,630 and $1,643. Silver support is at $27.58 and $26.99, resistance is at $28.62 and $29.05.”