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20 May 2015
Gold unchanged after Fed minutes
FXStreet (Mumbai) - Gold prices continue to trade largely unchanged at USD 1209.4/Oz after the Fed minutes failed to provide any clear indication regarding the timing of interest rate hike in the US.
Gold unresponsive to data dependent Fed
The Fed minutes largely conveyed the old message that the Fed would continue to remain data dependent while deciding about the lift-off from the record low interest rates. Many fed officials do not see economy strong enough to warrant a June rate hike, but did not necessarily rule out the possibility.
Overall, no clear message came through the minutes, due to which the yellow metal stayed largely unchanged post the release of the minutes.
Gold Technical Levels
The immediate resistance is seen at 1215.1 (Apr. 28 high) and 1218 (5-DMA). On the flip side, a break below 1207.28 (200-DMA), could see the prices revisit the daily low at 1203.
Gold unresponsive to data dependent Fed
The Fed minutes largely conveyed the old message that the Fed would continue to remain data dependent while deciding about the lift-off from the record low interest rates. Many fed officials do not see economy strong enough to warrant a June rate hike, but did not necessarily rule out the possibility.
Overall, no clear message came through the minutes, due to which the yellow metal stayed largely unchanged post the release of the minutes.
Gold Technical Levels
The immediate resistance is seen at 1215.1 (Apr. 28 high) and 1218 (5-DMA). On the flip side, a break below 1207.28 (200-DMA), could see the prices revisit the daily low at 1203.