Gold prices extended gains above $1,870 an ounce on Thursday, approaching levels not seen since June of 2021 as investors digested the latest FOMC meeting minutes and reassessed geopolitical risks. The minutes showed the Fed is prepared to hike rates and reduce its balance sheet soon, as widely expected, but that any decision moving forward would depend on a meeting-by-meeting analysis of inflation and other data. Markets deemed such a stance less hawkish than expected, driving the bullion higher. Meanwhile, investors continued to monitor geopolitical developments carefully after NATO accused Russia of increasing troops at the Ukrainian border, a day after Moscow claimed it had begun withdrawing some of its military units.
The first resistance will be $1875 on a further rise and first support will be $1856 on a decline.
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