Gold Surges as Central Bank Decisions Pass

The gold market has seen some buying pressure after the recent central bank decisions have passed. With the Federal Reserve, Bank of Japan, and Bank of England decisions behind us, attention is shifting back to interest rates, the U.S. dollar, and the geopolitical backdrop.

Gold has responded positively after its earlier pullback as traders no longer have to position around the immediate risk of a surprise change in policy message from the Federal Reserve.

The 4,500 level remains the obvious technical barrier for gold. A sustained move above this level could open the door to a much stronger advance, but until then, the near-term setup may be a buy-the-dip market provided that support continues to hold.