Gold up smalls around $1,230/oz

The precious metal is posting meagre gains at the end of the week, currently hovering over $1,230 per troy ounce.

Gold propped up by USD weakness

The persistent weakness surrounding the greenback continues to lend support to the yellow metal this week, which stays firm in the area of multi-day peaks following the dovish hike by the Federal Reserve at its meeting on Wednesday.

The greenback, in terms of the US Dollar Index, remains on the defensive after the Committee delivered a less hawkish than expected message earlier in the week, with Chief Yellen adding nothing really new at her press conference. The index plummeted to fresh 5-week lows in the wake of the FOMC meeting, in turn bolstering the bid tone in the commodities space and EM FX.

In the meantime, Bullion continues to extend the rebound from March’s low around $1,196, currently gravitating near the 50% of the February-March drop.

Gold key levels

As of writing Gold is up 0.09% at $1,228.15 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 $1,221.76 (38.2% of February-March drop) ahead of $1,218.00 (low Mar.16) and finally $1,213.26 (55-day sma).