Gold prices did not react much to the release of the FOMC meeting minutes. This comes amid the market sentiment trading mixed. The threat of the trade wars continues to remain a concern among investors. This has kept a lid on the declines in gold prices which trade near the recent lows of 1270.
Can Gold Rebound in the Near Term?
Price action is rather subdued near the 200-day moving average. With the support level established at 1270, gold prices could remain biased to the upside. The immediate resistance level at 1285 remains key in the short term. Unless gold breaks down below the 1270 level, we expect price to remain muted at the current levels. Watch for any potential reversal in gold that could see price retesting the 1285 level of resistance.
