GOLD: Gold price assessment after FOMC!

Despite the recent increase, the price of Gold continues to be influenced by bearish technical indicators. There is a strong downward trend, with the immediate support level being at 1,890 - the lowest in five months. If this level is broken, there is further support at 1,886 which was last seen on March 15th. Should prices decline even further, they will likely test levels below the static support of 1,870.

Gold price is coming up for some air after the relentless three-day decline, fuelled by a broadly firmer US Dollar amid an increased flight to safety and economic resilience showcased by the recent US economic statistics.