The Federal Reserve announced last week it was making no changes to its benchmark interest rates and added monetary policy will likely stay loose for some time to come.
Gold futures were likely to test support at USD1,701.45 a troy ounce, Friday's low, and resistance at USD1,719.35, Fridays' high. The U.S. central bank emphasized it will continue intervening until the economy and labor market improve.
Investors took their time digesting the report and concluded the decision will keep the dollar weak for some time to come.
Other paper currencies should remain weak as well, including the yen, as market talk has begun to build that the Bank of Japan will move to stimulate its economy as well.
The European Central Bank and the People's Bank of China have said they might roll out measures in varying degrees of intensity to prop up their respective economies, which would likely weaken paper currencies, a recipe for rising gold prices. [ Via ]
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1 comments:
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