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   “¢   Extends the recent consolidative price action for the third consecutive session.
   “¢   Bulls seemed rather unimpressed by a subdued USD price action/cautious mood.

Gold quickly reversed an early European session dip to fresh one-month lows, albeit remained well within a familiar trading range held over the past three trading session.

Following the recent sharp corrective slide from ten-month tops, the precious metal now seems to have entered a bearish consolidation phase and remained on the defensive for the third consecutive session on Thursday.

The subdued/range-bound price action extended through the early European session, with a combination of supporting factors also failing to inspire bulls and assist the commodity to register any meaningful recovery.

With investors awaiting fresh updates on the US-China trade deal, the US Dollar consolidated the recent up-move to near two-week lows and was seen lending some support to the dollar-denominated commodity.

Adding to this, a slight deterioration in investors’ appetite for riskier assets, as depicted by a weaker tone around equity markets, further underpinned the precious metal’s safe-haven status, albeit did little to provide any bullish impetus.

Today’s key focus will be on the latest ECB monetary policy decision, which might infuse a fresh bout of volatility across global financial markets and produce some meaningful trading opportunities.

Technical levels to watch

XAU/USD

Overview:
       Today Last Price:  1286.9
       Today Daily change %:  -0.05%
       Today Daily Open:  1287.57
Trends:
       Daily SMA20:  1314.73
       Daily SMA50:  1301.94
       Daily SMA100:  1266.56
       Daily SMA200:  1236.83
Levels:
       Previous Daily High:  1290.9
       Previous Daily Low:  1283.7
       Previous Weekly High:  1332.58
       Previous Weekly Low:  1290.3
       Previous Monthly High:  1346.85
       Previous Monthly Low:  1300.1
       Daily Fibonacci 38.2%:  1286.45
       Daily Fibonacci 61.8%:  1288.15
       Daily Pivot Point S1:  1283.88
       Daily Pivot Point S2:  1280.19
       Daily Pivot Point S3:  1276.68
       Daily Pivot Point R1:  1291.08
       Daily Pivot Point R2:  1294.59
       Daily Pivot Point R3:  1298.28