Gold reversed most of last Friday’s fall as this week’s Federal Reserve meeting kept inflation near the top of investor concerns.
Gold for December delivery settled +US$11.90 or +0.7% higher at US$1,795.80 an ounce. The NYSE Arca Gold Bugs Index firmed +0.67%.
The yellow metal has fallen into a sideways trading band, according to analysts at Sevens Report Research. The key levels for investors are “support at $1,725 and resistance at $1,835,” they wrote.“Until one of those levels is violated gold will remain pinned in a sideways trading range,” they said.
