Gold rose to a two-week high last week as the Federal Reserve’s (Fed) decision to leave US interest rates unchanged weighed on the US dollar and added to uncertainty over the timing of the first-rate hike since 2008. The Fed statement had a clear dovish tone hurting the US dollar and boosting precious metals attractiveness against securities that provide a yield. Concerns over slowing economic growth in China, mixed economic data and volatility in financial markets have increased doubts about the timing of any US rate increase, putting gold into the spot lite. Looking ahead, the price support for gold is seen as being short-lived. While the Fed didn’t raise rates this time round, the central bank said a hike will likely come this year. Although the dovish tone of the Fed statement is throwing this into doubt. The commodity since the beginning of the year fell more than 4.0% and changed from a bearish to a recovery phase last week, trading above the 10 and 50-week moving averages. Last week gold rallied and closed in the green near the high of the week on a wide range week. Stochastic is showing a slight bullish momentum although is still below the 50 mid line. Expecting an upward move to a key level at 1238.14 on a break above a weekly resistance at 1,177.76 (scenario 1) or a break below last swing low at 1,098.62 could push downward gold to a Year lows at 1,070.83 (scenario 2).