According to Standard Bank daily report, The precious metal recieved some support after, comments by Fed Chairman Bernanke and the earlier release of FOMC minutes. In response to a question at yesterday’s scheduled address, Bernanke stated that ―highly accommodative monetary policy for the foreseeable future is what’s needed in the US economy.‖ Taken together with the FOMC minutes in which it was revealed that ―many members indicated that further improvement in the outlook for the labour market would be required before it would be appropriate to slow the pace of asset purchases‖. Because of this Gold support became at $1,264 and $1,243 USD/ Ounce. Resistance level is at $1,290 and $1,300 USD/ Ounce.
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