Fed Minutes Fallout Continues To Support

A tick lower in the broader USD and some richening in the U.S. Tsy space has supported gold in the final Asia-Pac session of the week, putting bullion on track for a modest weekly gain. The yellow metal last prints a handful of dollars higher, just shy of $1,760/oz.

• The post-FOMC minutes fallout continued to feed its way into price action after the U.S. Thanksgiving holiday.
• Technically, short-term trend conditions in Gold remain bullish, however for now, the yellow metal remains in a corrective cycle. Recent gains resulted in the break of $1,729.5/oz, the Oct 4 high. This has strengthened a bullish theme and signals scope for a test of $1,800.0/oz, which protects key resistance at $1,807.9/oz, the Aug 10 high. Ahead of that zone, the bull trigger is located at $1,786.5/oz, the Nov 15 high. Initial firm support is seen at $1,702.3/oz, the Nov 9 low.