Gold Analysis: XAU/USD: Looks to test 1140-1146 levels post ECB

Gold prices in terms of the US dollar (XAU/USD) halted its 5-day rally and ended Wednesday in the red at 1133.13, miring near daily lows at 1132.12. Gold prices eased yesterday as the US dollar kept its upside bias intact amid rebounding global equities, ignoring the below estimates US ADP employment report. The number of Americans employed in the US private sector increased by 190,000 in August, against expectations of 200,000 additions. As noted yesterday, the prices remained supported above the 50-DMA support located at 1130 levels. While the 10-DMA at 1141 levels acted as a strong resistance, capping further upside. As for today’s trade so far, XAU/USD is trading lower, stuck in a tight range of $3, as markets remain cautious ahead of the key European Central Bank (ECB)
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