Gold moved higher after yesterday's dovish.....>

GOLD: Gold moved higher after yesterday's dovish Fed statement where Jay Powell

signalled that the Fed would keep rates unchanged this year and announced that

the balance sheet runoff would end in September.

- A couple of hours ahead of the Fed statement the yellow metal had traded as

low as $1298.77/oz but spiked over $15 at the release time. Despite a little

weakness ahead of yesterday's close, gold has been grinding higher through the

Asian session and at the time of writing has hit $1319.

- Gold has now taken out long-term trendline resistance off the Apr 11 2018

high, further enhancing the bullish breakout. Next resistance is seen at

$1321.64 from the 61.8% fibo of $1346.80-1280.94, a break opens the Feb 22 high

at $1333.19.