Gold consolidates near $1,260/oz

6 April, 2017

The ounce troy of the precious metal has reverted yesterday’s pullback and is now trading near session tops around $1,260.

Gold firmer post-FOMC

The yellow metal has recovered from yesterday’s lows around $1,245 following the FOMC minutes, which noted that the Federal Reserve could start the process of shrinking its more than $4 trillion balance sheet later in the year. In addition, the Committee gave no extra hints regarding the timing and/or pace of the next rate hikes.

Bullion found support today in the rising cautiousness regarding the upcoming meeting between President Trump and his Chinese peer X.Jinping, while uncertainty around the next vote on the American Health Care Act (‘Trumpcare’) should also remain supportive of the metal.

Gold key levels

As of writing Gold is gaining 0.59% at $1,255.75 facing the next resistance at $1,263.70 (high Apr.4) would open the door to $1,264.20 (2017 high Mar.27) and finally 1,307.00 (high Nov.2 2016). On the other hand, a break below $1,245.40 (low Apr.5) seconded by $1,241.50 (low Mar.31) and then $1,2320.20 (55-day sma).

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