Fed’s status quo policy coupled with dovish “dot chart” and downward revision of GDP forecasts pushed the USD index lower and Gold higher. Stuck at 5-DMA Prices jumped from $1230, but appear stuck at 5-DMA hurdle at $1247.34 levels. Falling treasury yields and resulting drop in the USD helped the metal rally. Moreover, policymakers now see only two rate hikes this year as opposed to a possibility of four rate hikes seen in December. The focus now is Yellen’s press conference. Markets would be interested to hear more from Yellen on possible timing of a rate hike this year. Gold Technical Levels The immediate hurdle is seen at above 1254.06 (10-DMA). A violation there would expose 1261.15 (previous day’s high). On the other hand, immediate support is seen at 1227 (23.6% of Dec low-Mar high), under which prices could test bid around 1200 levels. For more information, read our latest forex news.