PRECIOUS-Gold prices snap 4-day losing streak; focus on ECB meet

* Spot gold still targets $1,453/oz - technicals
* Dollar steady as traders await Thursday's ECB meeting

(Updates prices)
By Eileen Soreng
Sept 11 (Reuters) - Gold prices edged up on Wednesday,
snapping a four-day losing streak on technical buying, amid
expectations that the European Central Bank will dole out
stimulus and cut interest rates.
Spot gold XAU= was up 0.3% at $1,490.27 per ounce, as of
0732 GMT. In the previous session, prices fell to their lowest
since Aug. 13 at $1,483.90.
U.S. gold futures GCv1 were up 0.2% at $1,502.2 an ounce.
"The ECB is expected to reduce further the interest rate
into negative territory... The meeting could serve as a
potential catalyst (for gold) and investors are already buying
into the rate cut expectations," said Margaret Yang Yan, a
market analyst at CMC Markets.
Given that gold has had such a deep correction from its
recent peak, investors are buying on dips, Yan added.
Bullion prices have shed more than 4%, or over $60, since
scaling an over six-year peak of $1,557 on Sept. 4.
Risk sentiment got a lift ahead of monetary policy decisions
by the ECB on Thursday and the U.S. Federal Reserve next week,
with investors hoping for further easing amid a slowdown in
global growth.
Market participants might be reluctant to commit to big
risk-on bets, which could nudge gold upwards amid
pre-positioning ahead of Thursday's event, said Ilya Spivak,
senior currency strategist, DailyFx.
ECB policymakers are leaning toward a package that includes
a rate cut, a pledge to keep rates low for longer and
compensation for banks over the side-effects of negative rates,
five sources familiar with the discussion said last week.
Fundamental backdrop is still broadly gold-supportive
considering the main sources of risk aversion remain unresolved,
Spivak added.
"Both Brexit and the U.S.-China trade war are ongoing
concerns, as is the broader slowdown in global growth ... That
probably encourages central banks to remain dovish."
Gold prices gained about 18%, or over $200, since hitting
year's low of $1,265.85 on May 2.
On the trade front, a senior White House adviser tamped down
expectations on Tuesday for the next rounds of U.S.-China trade
talks, urging investors, businesses and the public to be patient
about resolving the trade dispute. Spot gold still targets $1,453, as it has cleared a support
at $1,497 per ounce, according to Reuters technical analyst Wang
Tao. Meanwhile, the dollar index was steady .DXY , while Asian
stock markets held firm and bond yields rose on Wednesday.
USD/ MKTS/GLOB
Among other precious metals, silver XAG= rose 0.5% to
$18.09 per ounce, having hit a two-week low of $17.75 in the
previous session.
Palladium XPD= was trading flat at $1,560.96 per ounce,
while platinum XPT= gained 0.7% to $936.90.