Gold keeps the upbeat tone around $1,230/oz

The troy ounce of the precious metal is trading in multi-day tops in the $1,230 region following yesterday’s FOMC meeting.

Gold boosted by neutral FOMC

Prices for the yellow metal advanced further on Thursday despite the Federal Reserve hiked its interest rate by 25 bp, matching the broad consensus.

However, the greenback sold off rapidly after the FOMC showed no signs of increasing its tightening pace during this year, sticking to gradual rate hikes.

The Committee revised its projections on economic growth, inflation and interest rates, although it left no room for any hawkish surprises.

Bullion thus met increasing buying interest, quickly climbing to weekly tops above $1,230, where it is now looking to consolidate.

Gold key levels

As of writing Gold is up 2.22% at $1,226.50 and a surpass of $1,233.45 (high Mar.16) would expose $1,243.90 (high Feb.8) and then $1,263.10 (high Feb.27). On the other hand, the immediate support is located at $1,218.00 (low Mar.16) followed by $1,211.85 (55-day sma) and finally $1,204.97 (100-day sma).