Gold surged yesterday following a decline sending it to 2 week high level, after the FOMC meeting minutes which eased the investor’s concerns over the early interest rate hike. The gains came after the minutes of FOMC meeting was released which showed that the bank is currently portraying the wrong picture on the timing of interest rate increase and interest rate increase should be linked to the economic growth in U.S. The expectation for an early interest rate hike also faded when Fed cut its growth outlook because of higher dollar and global weakness. Another factor which is currently supporting the demand for Gold is that the IMF cut its global economic growth forecasts for the 3rd time in 2014 and said that the recovery will remain weak and uneven. XAUUSD : 4 Hour Chart On the 4 hour chart, the commodity found resistance from 1232.18 which was earlier acting as support for the pair. The commodity continue to face support from the rising support trend line. Investors will now continue to support the demand for safe haven as expectations for early interest rate hike dampened. XAUUSD : Daily Chart On the daily chart we can see that there is a falling resistance trend line and the commodity might continue to rise until it reaches this resistance level. However there is a key resistance at 1241.24 which can also resist it to rise further. If it breaks above this resistance, another resistance will be at 1264.82. The pattern of moving averages are still showing a downtrend continuation. So we can say that the commodity might post gains but the gains shall be capped.