Article by: ETO Markets

The Fed's longer-term decision to keep interest rates higher puts downward pressure on non-yielding assets like gold since it makes investing in them more expensive. Although traders have been reducing their bets on the likelihood of a rate drop by the Fed at the June and July meetings, there has been an aberration in the demand for gold during the previous few weeks.

The price of the yellow metal is close to all-time highs of almost $... Since all of the short-to-long-term DMAs continue to slope higher, the near-term demand is still there. For those who are bullish on gold prices, $… and the high point of March 21 at $… will serve as strong support levels.