Key Points
Gold has resumed uptrend post Federal Reserve policy outcome as traders assessed the latest comments from the Federal Reserve as taking a dovish stance..
Gold prices post FOMC event climbed above $2000 per ounce but failed to sustain gain and for the week price settled marginally lower..
However, on Friday Gold prices retreated after Federal Reserve Bank of St. Louis President James Bullard said that he raised his forecast for peak interest rates this year amid ongoing economic strength, based on an assumption that banking sector strains will ease..
Looking forward, we expect precious metals to continue to be influenced by various macro forces ranging from Federal Reserve interest rate hike expectations, lingering banking fears (recently banking-sector fears spread to Germanys Deutsche Bank), dollar weakness, and falling Treasury yields..
On the Technical front both gold and silver are in uptrend and the bullish trend will likely expand this week.Comex spot gold has resistances at $2033/$2065 per ounce and supports at $1935/1910 per ounce..
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