Gold edged up on Thursday, clinging to gains from the previous session when it rose 1.5 percent to a two-week high, on a weaker dollar after the US Federal Reserve left interest rates unchanged. Spot gold inched up 0.2 percent to $1,341.60 an ounce at 0715 GMT. Bullion on Wednesday touched a high of $1,342.18, its best since July 14. US gold rose 1.1 percent to $1,341.40 an ounce.
Gold prices may surpass the more-than-two-year high hit earlier this month and might test $1,400 levels, said V Hareesh, Research Head, Geojit BNP Paribas. "Gold will come down only after Fed raises the rates. Otherwise, prices will continue to rise," he added. Spot gold may end its current bounce around a resistance at $1,346 per ounce, as suggested by its wave pattern and a Fibonacci retracement analysis, Reuters technical analyst Wang Tao said.