Gold surges as the US dollar tumbles across the board post-FOMC. On the daily chart, the precious metal is still grinding the demand-turned-supply zone 1950-1995. After a drop below 1915, a tentative breakout has been contained at 1902 along the 20-day SMA. A subsequent rally above 1935 and 1949 indicates that the bulls are still in control. The bullish continuation would pave the way for a climb to April’s peak of 1995, with 1970 as an intermediate resistance. An overbought RSI may cause a temporary pullback towards 1925.
