Breakout? Fed on hold, good for gold

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Gold is dancing around its 200-day moving average, giving hope to those who are looking for a breakout from what's been a lackluster performance this year.

Analysts say investors are dipping back into the gold ETFs, like SPDR Gold Trust, and that is helping push the metal higher. Gold futures for June were slightly lower, hovering just above its $1220 an ounce, 200-day moving average Friday.

"This is definitely short-term oriented," said Howard Wen, precious metals analyst at HSBC. "The recent rally hasn't been in conjunction with physical demand. We're kind of slow on that front. That leaves us to believe that this is more a rally in the paper market - a macro related rally. In order for this to be sustained you need physical buyers in the market, but we're approaching the summer months, a weak period for physical demand."