The precious metal regained some bullish momentum after the Fed meeting. The central bank reiterated its stance to keep rates steady while ensuring that inflation will rise. Taking cues from the meeting, gold prices advanced slightly as it attempts to retest the weekly highs.
XAU/USD Needs to Breakout Higher
The current gains in the precious metal is showing signs of exhaustion. Price action is close to testing the January 27th close near 1582. A breakout above this level is required to pursue further gains. Above this level, the main resistance at 1594 will be critical. Unless gold breaks above this level we expect price action to remain flat.
