Gold remains better bid, supported on mixed FOMC minutes
Gold spiked on the FOMC minutes while the dollar was sold-off across the board given the lack of clarity in respect to rate hike expectations for September.
With spot at $1,345 currently, we are off from the $1,351 post FOMC minutes highs,but remaining within the ascending support line formed on the 12th August and within the longer term uptrend from $1,045.00. $1,380 is the upside target while major support is located at $1,120.
FOMC minutes: Divergence about when to raise rates
Gold has been bid in the broader scale, even after the statement that read, "Near term risks to economic outlook have diminished." The dollar has also remained fragile, especially on poor US data of late. The minutes actually showed that voters agreed to wait for more data to gauge the economy while also showing that some Brexit medium and long-term risks exist from abroad. Most notably, the FOMC were also divided on whether job-gain pace worrisome.