Skip to content
News & Analysis at your fingertips.

We use a range of cookies to give you the best possible browsing experience. By continuing to use this website, you agree to our use of cookies.
You can learn more about our cookie policy here, or by following the link at the bottom of any page on our site. See our updated Privacy Policy here.



Notifications below are based on filters which can be adjusted via Economic and Webinar Calendar pages.

Live Webinar

Live Webinar Events


Economic Calendar

Economic Calendar Events

Free Trading Guides
Please try again
More View more
Gold Price Analysis: Crucial Resistance in Focus as Investors Eye FOMC Minutes

Gold Price Analysis: Crucial Resistance in Focus as Investors Eye FOMC Minutes

Justin McQueen, Strategist

Gold Price Analysis and Talking Points:

  • Gold Buying Persists, Eyes on FOMC Minutes
  • Crucial Technical Resistance May Spark Inflection Point

See our quarterly gold forecast to learn what will drive prices throughout Q1!

Gold Buying Persists, Eyes on FOMC Minutes

Since the beginning of the year, Gold prices are up over 5%, trading at its highest level since April 2018 as global central banks take a more accommodative stance. Most notably the Federal Reserve who emphasized that not only would they be patient in rate hikes, they had also opened up to the idea that the balance sheet unwind may end sooner than what the markets expects. Consequently, investors have flocked to the non-yielding precious metal. Eyes will be on tonight’s FOMC minutes, whereby a dovish release could see gold push towards key resistance at $1350.

However, judging by the price action observed in the USD and gold yesterday, markets may have already positioned themselves for a dovish outcome, implying a slight near-term pullback if markets perceive the minutes as less dovish than expected. Outlook continues to remain bullish as global bond yields continue to dip.

FOMC Tracker

Crucial Technical Resistance May Spark Inflection Point

With the gold uptrend firmly intact, the precious metal is now eying key resistance at $1350, which marks the descending trendline from the August 2013 peak, potentially sparking a near-term pullback. However, a closing break above increases scope for a move towards the 2018 peak at $1365-66. Elsewhere, a slight negative divergence on the RSI also raises the potential for a pullback.

GOLD PRICE CHART: Daily Time-Frame (Jun 2018-Feb 2019)

Chart by IG

GOLD PRICE CHART: Weekly Time-Frame (Aug 2010-Feb 2019)

Gold Price Analysis: Fed Capitulation & Central Bank Buying Spree Maintains Bullish Outlook

What You Need to Know About the Gold Market


--- Written by Justin McQueen, Market Analyst

To contact Justin, email him at

Follow Justin on Twitter @JMcQueenFX

DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.