Nowhere Near Challenging Key Technical Parameters In Wake Of FOMC

Spot gold last deals a handful of dollars higher on the day at $1,775/oz.

• A lack of meaningful net movement in the DXY and our weighted U.S. real yield monitor leaves gold little changed over the last 24 hours, with the brief show lower witnessed on Wednesday mostly unwound given that both of the aforementioned metrics operate off of their respective Wednesday highs.
• Wednesday's FOMC decision provided no real surprises for markets, delivering the expected tapering plan, stressing that interest rate hikes are some way off and providing general reassurance re: patience when it comes to unwinding the stimulus that it employed in the wake of the COVID outbreak.
• From a technical perspective, bullion made a very brief and limited showing below its Oct 8 low on Wednesday but got nowhere near challenging medium-term support in the form of the October 6 low ($1,746.0/oz).