Gold Price Forecast: XAU/USD remains under pressure after ECB, ahead of US data

• European Central Bank raises rates as expected, attention turns to Lagarde.
• US data ahead: Retail Sales, Jobless Claims, Philly Fed. 
• XAU/USD hits fresh monthly lows under $1,930. 

Gold prices continue to remain under pressure, trading at their lowest level in three months below $1,930. Although XAU/USD rebounded marginally to $1,931 after the European Central Bank (ECB) decision, it dropped later to fresh monthly lows at $1,928. 

The yellow metal is currently moving with a bearish bias, which has been the case since the Wednesday Federal Reserve meeting. If there is consolidation below $1,930, the next support area around $1,920 would be exposed. To alleviate the bearish pressure, XAU/USD needs to surpass $1,940.

The ECB announced on Thursday that it raised key rates by 25 basis points (bps) following the June policy meeting, as expected. They also projected that inflation would remain too high for too long. ECB President Lagarde will be holding a press conference at 12:45 GMT. German yields are rising. 

Follow our live coverage of the market reaction to the ECB's policy announcements.

Before Lagarde's press conference, several economic reports will be released by the US, including Jobless Claims, Retail Sales, NY Empire State, Philly Fed, and later Industrial Production figures. These numbers could become critical, considering that the Fed left the door open to more rate hikes.

Technical levels