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Gold strengthens ahead of the Fed minutes

FXStreet (Mumbai) - Gold is trading 0.40% higher at USD 1217/Oz at the time of writing due to the weakness in the equity markets and caution ahead of the US Federal Reserve (Fed) minutes.

Moreover the prices had stabilized yesterday around USD 1210/Oz, taking cues from the exhaustion in the US Dollar Index. Furthermore, the weakness in the Asian markets has put a floor under the Gold prices since the beginning of this week. The Yellow metal may gain further if the Fed minutes fail to push the US Dollar higher.

Moreover, hawkish expectations are already priced-in by the markets. Thus, a bout of profit booking in the US dollar post Fed minutes can send Gold higher.

Gold technical levels

Gold is trading above the 5-day and the 10-day day moving averages. Gold has a resistance of 1222 (high of 2nd Oct, 2014) while the support is located at 1202)

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