• Spot gold was 0.4 percent higher at $1,276.37 an ounce by 3:26 p.m. EDT (1926 GMT) , having earlier peaked at $1,280.87. Its upward move accelerated after it broke through its 100-day moving average at $1,275 an ounce, a key chart level.
U.S. gold futures for December delivery settled up $6.80, or 0.5 percent, at 1,277.30 per ounce.
• Gold advanced on Wednesday as traders repositioned themselves after the Federal Reserve said it will keep target interest rates unchanged for the time being.
• Gold prices have recovered from Friday's three-week low, but they remain within a less than $15 an ounce range.
• Prices held onto earlier gains after statements from the U.S. central bank indicating that while it would leave rates unchanged, it was on track to lift borrowing costs again in December.
• Wall Street held onto modest gains on Wednesday, while the dollar recovered against a basket of major currencies. Oil prices retreated.
• Traders also awaited U.S. President Donald Trump's tax plan, which Republicans plan to release Thursday morning.
• Technically, December gold futures prices closed nearer the session high today. Bulls and bears are on a level overall near-term technical playing field amid recent choppy trading. Gold bulls' next upside near-term price breakout objective is to produce a close above solid technical resistance at $1,300.00. Bears' next near-term downside price breakout objective is pushing prices below solid technical support at the October low of $1,262.80. First resistance is seen at today’s high of $1,281.80 and then at last week’s high of $1,285.30. First support is seen at this week’s low of $1,268.30 and then at $1,262.80. Wyckoff's Market Rating: 5.0
• Elsewhere, silver rose 2.7 percent to $17.148, after reaching $17.195, the strongest since Oct. 20, while platinum climbed 2.06 percent to $934.10 an ounce after touching $937.30, the highest since Oct. 16.
• Palladium surged 2.2 percent at $1,001.75 an ounce, the strongest since Oct. 16. The metal rose nearly 5 percent in October and touched a 16-year peak of $1,010.50 an ounce mid-month.
Reference: Reuters, Kitco
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