XAUUSD

Spot gold is trading above the pivot level of 3398.87, supported by a positive atmosphere in commodities following a decrease of 3.169 million barrels in EIA crude oil stocks. Today's ECB interest rate decision and US unemployment claims data may create volatility in gold prices. The expectation is dominant that the ECB will keep the deposit rate at 2.00%. PMI data and New Home Sales to be released in the US will also be on investors' radar. As long as it holds above the pivot, resistance levels of 3416.35, 3456.22, and 3484.89 may be tested. On downward movements, support levels of 3359.00, 3341.52, and 3312.84 will come into focus.