Gold Hovers Below Major Resistance

Gold eyeing key horizontal resistance around the $1,300 level

Dovish FOMC minutes released on Wednesday put pressure on the US dollar and boosted gold closer to the $1,300 level now watched by many analysts.

The Fed minutes showed committee members were split on raising U.S. interest rates in the near future. Gold retreated earlier in the week on an increase in investor risk appetite amid diminishing fears over the stand-off between the U.S. and North Korea.

Technically a break out above the $1,300 could see the yellow metal facing little resistance before the prior high of 1,338 reached in November of 2016.

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