Gold crawled back up above the $1700 level, ending yesterday’s session at $1714.10 as the greenback continued it’s retreat and market sentiment flipped from risk-on to risk-off as the rally in global equities paused with all eye’s today on the Federal Reserve’s policy update and the latest on yield curve control for fresh guidance on the U.S’s economic outlook. An hourly close above our resistance at 1708.50 will favor further upside with $1730 as the closest resistance target and $1744 in reach on further Fed support.
Support: 1708 / 1700 / 1693
Resistance: 1730 / 1738 / 1744
