Euro/Dollar Direction Post-ECB Meeting Will Drive Gold
Gold traders will keep track of the direction the U.S. dollar and euro take after the European Central Bank meets Thursday, as how the two currencies react will determine gold’s direction. General expectations among currency analysts are that the ECB will cut refinancing rates between 10 to 15 basis points and likely cut the deposit rate to minus 0.1%. Gold prices have been weaker ever since falling through support levels at $1,280 an ounce last week, in part because of U.S. dollar strength and a stock market near record highs.
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