Gold jumped on the back of US dollar weakness yesterday after the Fed announced monetary policy decision. However, the upward move is being erased today as USD started to regain ground and yields moved higher. Precious metal tested the upper limit of the Overbalance structure and downward trendline in the $1,750-1,760 area yesterday but has failed to break above those hurdles. Should the ongoing pullback continue, the first support level to watch can be found at $1,700 while recent local low at $1,680 is the next one. The aforementioned $1,750-1,760 zone is the near-term resistance to watch in case upward move is resumed. Note that as the Fed has refrained from making any moves yesterday, yields may be set to continue their run higher and exert more pressure on gold.
Source: xStation5
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