The latter $1,680 figure is seen as something of a lower resistance level, which proved to be the case on this occasion, with gold bouncing back quite substantially in the final two weekdays leading up to the Good Friday holiday.
The past week’s action in the gold price has been largely fueled by analysis of the deliberations at last Tuesday’s and Wednesday’s Federal Reserve Open Market Committee (FOMC) meeting.
To a large extent, the initial rises and then the sharp downturns, in the precious metals markets were initiated by the equities markets and the phenomenal rise.
