Gold intermarket: FOMC kick started next bullish run, bearish DXY

Ross J Burland FXStreet

Gold has been capped at $1,345.50 after a strong rally on the turnaround on markets post the FOMC.

The FOMC was damaging to the DXY, watching below 96 for 94, while positive for the Yen, albeit with the BoJ, USD/JPY finds support at 104.50. 30 year US yields were also under pressure while stocks made a come back with the S&P finding support again around 2160.

$1,333 is a support area for gold with $1,335, $1,3345 as key upside targets and today's BoJ is a major risk event for the Asian shift that could roil markets and see volatility throughout.

Author

Ross J Burland

FXStreet

Ross J Burland, born in England, UK, is a sportsman at heart. He played Rugby and Judo for his county, Kent and the South East of England Rugby team.

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