10 Apr 2014
Gold erases losses after FOMC
FXStreet (Córdoba) - Spot gold spent most of the day in negative territory and bottomed at $1,300 but after the release of the FOMC minutes, price jumped from $1,303 to $1,314.90 reaching the highest price since March 26.
Afterwards pulled back to finish the day around $1,311.50, with a gain of 0.20% It was the first day in two weeks that the XAU/USD moved all day above the $1,300 mark.
The yellow metal reacted to the upside after the minutes on the back of a weak US dollar, but the rally found resistance around the $1,315 area that has become an important level, that capped the upside also on Tuesday and during Wednesday’s Asian session.
Afterwards pulled back to finish the day around $1,311.50, with a gain of 0.20% It was the first day in two weeks that the XAU/USD moved all day above the $1,300 mark.
The yellow metal reacted to the upside after the minutes on the back of a weak US dollar, but the rally found resistance around the $1,315 area that has become an important level, that capped the upside also on Tuesday and during Wednesday’s Asian session.