Gold markets broke higher during the trading session on Tuesday, clearing the $1325 level, sending the market towards the $1350 level. At this point, there is a lot of noise extending to the $1350 level, so although this is a very bullish looking candle,it would not be surprised to see some type of pullback in this marketplace but now the $1325 level should be supportive. After all, it was resistance previously, so it makes sense that it should have a bit of market memory attached to it.
A break above the $1350 level, then the market could go to the $1375 level, and then possibly even the $1400 level above.
However, today’s US FOMC Meeting Minutes release at 19:00 GMT could push the yellow metal to depreciate against the US Dollar towards the 1,335.00 level.