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XAU/USD: from one channel to another on 20.03.2015

XAU/USD has been trading in a horizontal range of 1164.20-1147.60 for more than a week. Nonetheless, after FED's meeting on Wednesday the price broke its upper line and reached a 2-week high at 1177.65. The results of the meeting disappointed market participants as FED officials still consider the US economy to be weak and forecast a decrease in GDP growth in the next three years, therefore interest rates will be raised at a slow pace.  The market reacted to this news by increasing a demand for gold, which allowed the price to consolidate above the upper border of the horizontal range.  

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