Spot Gold prices consolidated the powerful gains of Wednesday with a new 7week high of $1730.85 in NY yesterday after opening the session around $1710.60. The move was seen as follow through strength following the FOMC meeting which pledged low rates until at least 2014. The metal did slip $1703.20 in the morning but the move was quickly reversed into NY to the highs before some profit taking emerged to temper gains into the close at $1721. Asian markets this morning have seen steady trade around the level in a $1714-1724 range. Traders will now be looking for an outcome to the lingering IIF/Greek debt plan ahead of Monday’s summit. As for today, support is seen towards $1703.20 and $1649.15 with resistance at yesterday’s $1730.85 high and then the Dec8 highs of $1756.30.
EasyForexNews Research Team