Gold continues its ascend as the dollar falters
Gold is continuing to surge higher as gains extend to over 3% on the day now as price eclipses the $1,600 level.
After a firm break back above its key daily moving averages amid the Fed announcement yesterday, gold is looking to be in a sweet spot now with the dollar lower across the board.
Notably, price is now closing in on the 61.8 retracement level already @ $1,607.19. A clean and firm break above that and a daily hold above the $1,600 level will set up a good platform for further gold gains - with buyers likely to eye $1,700 potentially.
But much like all the other price action in the market today, confirmation from Wall Street will be key. Investors were not too impressed by the Fed yesterday so let's see what they think of the market movements today later.
In any case, the Fed policies have certainly breathed a fresh lease of life into gold and the technical picture continues to look even better by the hour since the announcement.
As the dollar momentum starts to see further tempering, it looks like gold has finally emerged from the ashes of the past two weeks.
