Article by: ETO Markets

Being the world's largest consumer of yellow metal, China's stimulus confidence is also benefiting the price of gold. The US Federal Reserve policymakers' recent less dovish remarks are anticipated to be taken into consideration by dealers, restricting the amount that the gold price can rise.

The psychological level of $,,, is the first significant resistance for the price of gold if it maintains its position above the $,,, demand zone. About $,,, is considered to be the next key supply zone for the brilliant metal.

On the down side, gold sellers should aim for a firm closure below the $,,, region outlined earlier. If the $,,, round figure gives way, there will be a test of the $,,, threshold farther down.