Gold trades higher after Fed stands pat, good to buy at dips

FX:XAUUSD   Gold Spot / U.S. Dollar
278 0 6
Major support - $1273 (7 day EMA )

Major resistance - $1304 (May 2nd high)

The yellow metal has broken major resistance $1300 and jumped till $1301.22 at the time of writing. It is currently trading around $1299.68.

Gold             recovered from the low of $1278 after Fed has kept its interest rates unchanged at 0.25%-0.50% and scales back rate hike projections. The central has lowered its growth projection from 2.2 percent at the Mar meeting to 2% this week.

The minor support of Gold             is around $1273 (7 day EMA ) and any break below will drag the pair down till $1266 (55 4H EMA )/$1250 (daily Tenken-Sen).

On the higher side any break above $1304 will take the gold             to next level at $1315 (200 W MA)/$1320.

Overall trend reversal only below $1200.

It is good to buy at dips around $1285 with SL around $1273 for the TP of $1305/$1314

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