Gold extends post-FOMC gains, eyes $ 1220

Dhwani Mehta FXStreet

Gold halted is seen adding onto yesterday’s solid rebound so far this session, with the sentiment boosted by a non-event FOMC decision.

Gold: Focus shifts to NFP

Currently, gold rises +0.58% to trade near fresh six-day high of 1215.75, having made a solid comeback from a dip below $ 1200 mark. Gold remains on the bids and is seen gathering pace for the next push higher, as the greenback remains broadly weak, following a neutral Fed decision, which left the markets unimpressed.

The yellow metal benefits from the growing uncertainty from Trump’s policies, with investors seeking to protect their funds against potential stock market volatility.

Focus now shifts towards the BOE interest rate decision and US jobless claims data for fresh impetus on the metal. While the main risk event for gold remains Friday’s NFP report, which may provide near-term direction on the prices.

Comex Gold Technical Levels

The metal has an immediate resistance at 1220 (round number) and 1225 (Nov 17 high). Meanwhile, the support stands at 1210 (daily low) below which doors could open for 1206.63 (100-DMA).

Author

Dhwani Mehta

FXStreet

Residing in Mumbai (India), Dhwani is a Senior Analyst and Manager of the Asian session at FXStreet. She has over 10 years of experience in analyzing and covering the global financial markets, with specialization in Forex and commodities markets.

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