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Gold surges to 6-day highs ahead of Fed announcement

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Posted at 2016-9-23 13:10:35 | All floors |Read mode
Building on to its recovery momentum for the third consecutive session, Gold has now jumped to 6-day high level of $1329 ahead of the Fed monetary policy decision.
A sharp greenback reversal in the post-BOJ trading action has been the key factor attributing to the precious metal's sharp recovery from weekly lows touched in the aftermath of BOJ announcement and follow through buying interest.
Key focus, however, would remain on the Fed decision and monetary policy outlook, which would help investors to determine the next leg of move for the US Dollar and eventually drive dollar-denominated commodities - like gold.
Levels to watch
A sustained move above $1330 resistance would open room for continuation of the commodity's upward trajectory towards testing its next major resistance near $1350 in the near-term. On the flip side, any weakness from current levels might now find immediate support at $1322-20 area, which is followed by support at $1315 level.
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