FXWIREPRO: Gold Rallies Towards 1245 on Weak Dollar After Fed Remains Cautious Over Rates

FXWIREPRO: Gold Rallies Towards 1245 on Weak Dollar After Fed Remains Cautious Over Rates

• Gold has inched higher on Thursday as demand for yellow metal was boosted after yesterday’s dovish Fed statement. 
• The yellow metal jumped 2 percent on the day as the dollar remained under pressure as uncertainty around further US interest rate hike increased. 
• Federal Reserve’s March meeting showed the central bankers debated whether it is feasible to hike rate in April but consensus emerged that risk remained from global economic growth and more cautious approach was undertaken. 
• Further decline is set to be limited as the support formed at 1221 is set to hold the bears from advancing declining below and bring upwards movement towards 1260 . 
• To the upside, the immediate resistance can be seen 1245, a break above this level would expose the commodity towards 1260 levels. 
• To the downside immediate support can be seen at 1231, a break below at this level will open the door towards 1221 levels. Support levels: S1-1231, S2-1221, S3-1205 Resistance levels: R1-1245, R2-1260, R3-1271
  

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