(XAUUSD : 4 Hour Chart) Gold yesterday rallied after the release of Fed meeting minutes. The commodity was consolidating within a descending triangle on the 4 hour chart showing a bearish trend but it reversed the trend by breaking from the resistance trend line of the triangle. Both 50 day SMA and 100 day SMA are moving upward showing bullish continuation. "According to the minutes the central bank is planning to end its bond buying program in October. The bank also gave some guidance on the timing of interest rates hike. Some policymakers are still inclined towards keeping interest rates low for an extended period of time. Fed officials individual forecast from June indicated that many see first rate hike in around mid of 2015 but because of some recent upbeat economic data some officials are expecting it to happen in March. The central bank is going to communicate by the end of this year about its planning for an interest rate increase" (XAUUSD : Daily Chart) On the daily chart, the commodity seems like trading within a channel and thus testing the resistance from resistance trend line of the channel currently. The 50 day SMA crossing above the 200 day SMA and rising is showing an uptrend and the pair should continue to surge. Breaking above the resistance trend line of the channel will give bullish signal and we might see some more gains in the Gold. The nearest resistance the pair may find after surge is at 1350.68.